Photo: The Canadian Press

TORONTO — Canada’s main stock index moved further into record territory on a broad-based rally led by energy as crude prices climbed on increased demand from economic reopenings.

The S&P/TSX composite index gained 88.88 points to a record close of 20,138.35 after reaching 20,155.92 for the first time earlier in the day.

It marked the third consecutive week of gains, as the Toronto market is up 15.5% so far in 2021.

In New York, the Dow Jones industrial average was up 13.36 points at 34,479.60. The S&P 500 index was up 8.26 points at 4,247.44, while the Nasdaq composite was up 49.09 points at 14,069.42.

“While the overall trend in the markets is one of optimism and improved economic data and improved earnings data and so on, I think we’re in a bit of state of flux right now,” said Philip Petursson, chief investment strategist at Manulife Investment Management.

We’re in between first and second-quarter earnings seasons and higher inflation appears to be a short-term issue, while bond yields have dropped to their lowest levels in a few months.

“So overall we’re still trending positively but I think we are going to see a little bit more, not necessarily choppy markets, but sideways markets potentially through the summer,” he said in an interview.

The Canadian dollar traded for 82.32 cents US compared with 82.69 cents US on Thursday.

Although North American stock markets have moved modestly higher, Petursson said markets have hit the summer lull, with little news to get excited about.

“Overall, it’s a typical summer day.”