Adrian Mastracci, investment counsel at Vancouver’s ‘fee-only’ KCM Wealth Management, says, “I think people are getting used to the idea that there will be some higher rates, it doesn't seem quite as scary as it once might have been and it looks like they’re willing to make some bets.”

The key S&P/TSX composite index finished the day up 141.79 points, or 1.18 percent, at a record closing high of 12,190.58.

"It certainly is a good day for the market, that's for sure," said Adrian Mastracci, president at KCM Wealth Management Inc. in Vancouver. "I think people are getting used to the idea that there will be some higher rates, it doesn't seem quite as scary as it once might have been and it looks like they're willing to make some bets."

The S&P/TSX 60 index of Canadian blue chip names rose 9.95 points, or 1.47 percent, to 688.07.

Every one of the market's 10 main groups gained on the day, with the key energy and materials sectors picking up 1.42 percent and 2.53 percent respectively.

Industrials rose 1.33 percent after Bombardier reported that sales of its business jets helped it to a 54 percent increase in quarterly profit despite weaker results for its regional aircraft and railcars. The stock finished at C$3.22, up 54 Canadian cents, or more than 20 percent.

Canada's gold miners benefited from stronger bullion prices, with gold for April delivery trading in New York at $573.30 an ounce, up $6.30.

Royal Gold Inc. was among the biggest net gainers, jumping C$2.86, or about 7 percent, to C$42.76. Glamis Gold Ltd. rose C$1.79, or 5.2 percent, to C$36.56.

Crude oil, the other resource pillar of the Toronto exchange, also rose as traders and investors worried over falling U.S. gasoline inventories ahead of the summer driving season. Crude finished the day at $66.45 a barrel, up 38 cents.

Among oil companies rising was Suncor Energy Inc., up C$2.06 at C$90.30. Imperial Oil gained C$1.62 to C$124.75.

"A lot of the move today was going back to our old favorites -- gold and oil," said Julie Brough, assistant vice-president at Morgan Meighan & Associates.

Among the day's other winners was La Senza Corp., which rose C$1.85, or almost 10 percent, to finish at C$21 after the lingerie retailer posted a 67 percent jump in fourth-quarter earnings and increased its dividend.

South of the border, U.S. stocks also rallied as gains made by tech heavyweights Google Inc. and Apple Computer Inc. helped push the Nasdaq composite to its highest level in five years. Nasdaq rose 33.32 points to close at 2,337.78.

The Dow Jones industrial average rose 61.16 points to 11,215.70, while the Standard & Poor's 500 index finished up 9.66 points to 1,302.89.

($1=$1.17 Canadian)

NOTE: The information provided above is intended for general informational purposes only. It does not constitute advice for anyone's specific situation. Everyone should always first consult directly with their advisors to determine the appropriateness of any information contained above before taking any action. KCM Wealth Management Inc. assumes no responsibility for any loss or damage arising from the use of, or reliance upon the above information.