NEW YORK (CNNfn) - Toronto stocks closed higher Friday, powered by strong performances in the financial services, transportation, communications and media sectors.
The Toronto Stock Exchanges' key 300 Composite index rose 80.04 points, or 1.28 percent, to 6,336.10.
Market players pushed aside worries about rising friction between the United States and Iraq to focus on the upcoming meeting of the Federal Open Market Committee to decide whether to lower U.S. interest rates.
"I think we've got concern whether the rate cut is going to happen next week," the trader said.
That concern, however, was overshadowed by solidly positive performances in all of the 14 subindexes but one -- gold and precious metals, which fell 1.31 percent.
Leading the gainers was the financial services sector, with a 2.86 percent gain, followed by a 2.15 percent gain in metals and minerals, and a 2.08 percent rise in communications and media stocks.
Conglomerates, paper and forest issues, and the oil and gas sector all posted gains of 1 percent or more.
Among volume leaders, takeover target Provigo Inc. fell C$0.05, or 0.33 percent, to C$15.15.
But it was one of the few losers among the most actives. Outshining many issues was Laidlaw Inc., which jumped C$0.75, or 5.07 percent, to C$15.55. So did Mitel Corp., which rose C$0.40, or 3.57 percent, to C$11.60.
Elsewhere in the country, the exchanges in Montreal and Vancouver also posted gains.
Stocks in Montreal rose 67.63 points, or 2.14 percent, to 3,222.17. Vancouver shares moved up 2.94 points, or 0.73 percent, to close at 407.75. 
-- from staff and wire reports
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