Just five months after it broke through the 13,000 level, the benchmark index of the TSX plowed through 14,000 to a new high on Friday.
The S&P/TSX composite index closed at 14,003.82, up 150.69 points on the day.
"This market doesn't seem to want to do anything but edge its way up against all odds," Michael Sprung, president of Sprung & Co., told CBC News.
Every industry sector except telecoms advanced, with resource stocks leading the charge.
The energy sub-index was up 2.2 per cent on strength in crude oil prices. Crude oil futures advanced 56 cents to $62.37 US in New York trading.
Golds rose 1.2 per cent as bullion futures climbed $5.50 US to $670.60 US an ounce. Gold prices had plunged more than $15 US an ounce on Thursday.
Mining stocks advanced by 1.5 per cent.
CIBC World Markets chief economist Jeff Rubin is predicting the S&P/TSX index will hit 15,000 by the end of the year.
In New York, the Dow Jones industrial average climbed 111.09 points to 13,326.22 — clawing back much of the 150 points it lost Thursday.
Investors bet that a U.S. government report that suggested inflation is moderating meant that the U.S. Federal Reserve might cut interest rates later this year.
So far this year, the key TSX index is up 8.5 per cent, boosted by a flurry of merger activity, solid earnings, and higher commodity prices. The Dow Jones industrial average is ahead by 6.9 per cent year-to-date.
The S&P/TSX composite index has outperformed the Dow Jones for each of the last four years as the boom in commodity prices has given the Canadian market a bigger boost.
