NEW YORK (MarketWatch) -- Canadian stocks posted strong gains Monday with energy and mining shares leading the market higher as oil prices rallied on continuing Israeli air raids against Hamas targets in the Gaza Strip. On the Toronto Stock Exchange, the S&P/TSX Composite Index rose 216.70 points, or 2.6%, to 8,528.45 points. This year, the index has tumbled 38%. Advancing stocks outpaced decliners by a margin of 556 to 184. Mining shares rallied, boosted by a surge in the prices of many metals. Gold for February delivery gained nearly 1% to trade at $879.40 an ounce in electronic trading on Globex, with investors seeking a safe haven as Israeli air strikes against Hamas targets in the Gaza Strip continued for a third day. Among individual mining shares, Yukon-Nevada Gold Corp. rallied 40% and Goldcorp Inc rose 9%. Yamana Gold Inc. gained 8%, Silver Wheaton Corp. surged 15% and Barrick Gold Corporation rose 8%. In the energy sector, stocks were boosted by soaring oil prices. Oilexco Incorporated rallied 15% and Suncor Energy Inc. ose 5.3%. Light, sweet crude for February delivery rose $1.17, or 3%, to $38.88 a barrel in electronic trading on Globex. ose 5.3%. Light, sweet crude for February delivery rose $1.17, or 3%, to $38.88 a barrel in electronic trading on Globex. In the financial sector, Royal Bank of Canada gained 1.2%. On Wall Street, U.S. stocks traded lower Monday, with the Dow Jones Industrial Average falling 32 points to 8,486.

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