Toronto stocks soared on Wednesday led by the energy sector, which rallied along with rising oil prices.

The S&P/TSX composite index jumped 340.66 points, or 2.55%, to finish at 13,683.21. All but one of the 10 TSX main sectors ended higher.

The heavyweight oil and gas group soared 5.4%, buoyed by a more than $4 rise in crude after U.S. government data showed an unexpected drop in gasoline stocks, sparking supply concerns.

Canadian Natural Resources gained $5.28, or 6.8%, at $82.58, and Suncor rose $4.46 to $58.42.

Materials shares rose 3% on enthusiasm over Teck Cominco’s $14.1 billion takeover bid for Fording Canadian Coal Trust on Tuesday.

Teck surged $5.81, or 13.6%, to $48.66, as investors applauded the deal, while the subindex of miners gained 4.7% on optimism there would be more M&A activity in the sector.

The financial sector rose 1.1%, with Royal Bank of Canada up $1.04, or 2.3%, at $46.62, and CIBC adding 79¢, or 1.3%, to $61.24.

The energy and materials sectors gained 5.4% and 3%, respectively.

The junior S&P/TSX Venture composite index gained 16.23 points, or 0.75%, to end at 2,184.27.

The Canadian dollar rose 0.09¢ from Tuesday’s close to finish at US97.77¢.

On Wall Street, U.S. stocks rallied as a surprising increase in private-sector employment and the Federal Reserve’s efforts to boost liquidity offset a surge in oil prices.

Bank stocks rose after the Federal Reserve and other central banks said they would boost measures to stabilize financial companies struggling with credit losses.

The Dow Jones industrial average soared 186.13 points, or 1.63%, to 11,583.69. The S&P 500 gained 21.06 points, or 1.67%, to 1,284.26. The tech-heavy Nasdaq Composite Index rose 10.10 points, or 0.44%, to 2,329.72.

A private-sector employment report showed U.S. employers added 9,000 jobs in July. The data surprised economists, who had expected another month of job losses and raised hopes for a stronger-than-expected government jobs report on Friday.