TORONTO -- Canada's main stock index hit a record high in trading this morning, helped by gains in the materials and financial sectors.

The S&P/TSX composite index was up 60.96 points to 16,174.99, after 90 minutes of trading, just off its record intra-day high set earlier in the morning at 16,187.85.

In New York, the Dow Jones industrial average was up 107.75 points to 24,612.55. The S&P 500 index was up 5.84 points to 2,669.95 and the Nasdaq composite index was up 28.25 points to 6,890.57.

The Canadian dollar was trading at 77.79 cents US, up from an average price of 77.69 cents US on Tuesday.

The January crude contract was down seven cents to US$57.07 per barrel and the January natural gas contract was up three cents to US$2.71 per mmBTU.

The February gold contract was up US$6.00 to US$1,247.70 an ounce and the March copper contract was up two cents to US$3.04 a pound.