TORONTO (Reuters) - The Toronto Stock Exchange's main index closed with a healthy gain yesterday as buoyant commodity prices and new-found optimism about the fate of the US economy lifted most sectors of the market.

The S&P/TSX composite index closed up 78.79 points, or 0.6 percent, at 13,704.28. The energy and materials sectors — which led the index lower on Monday — reversed direction, advancing 0.7 percent and 1.3 percent, respectively.

Futures prices rose in nearly all commodity markets, with US crude oil closing at a record high of $78.23 after an OPEC deal to increase production failed to calm concerns about thinning inventories.

Oil and gas producer Canadian Natural Resources was the biggest weighted gainer, up C$1.29, or 1.8 percent, at C$73.65. Goldcorp, Canada's second-biggest gold producer, climbed 72 Canadian cents, or 2.6 percent, to C$27.99 as bullion futures hit a 13-month high.

Base metals also rose, taking a cue from firmer world equities markets.

In a speech in Berlin, US Federal Reserve chairman Ben Bernanke soothed equities markets by saying nothing that was perceived to stoke fears about a possible US recession.

"We're obviously taking a cue from what's happening south of the border — there was a sharp rally in US stocks and it seems we're going along for the ride," said Elvis Picardo, investment strategist at Northern Securities in Vancouver.

The Fed is still widely expected to cut interest rates at on September 18 in an effort to boost the US economy, which has been rattled by turmoil in the subprime mortgage market.

Added Picardo: "Investors seem to be thinking that, if the Fed cuts rates at the upcoming meeting, that will pretty much put the problems behind us — and that really may be premature to assume."

On a pessimistic note, the chief executive of Toronto-Dominion Bank said the global credit crunch will remain "quite ugly" over the next few months.

TD stock added 34 Canadian cents, or 0.5 percent, to C$71.98. The heavyweight financial sector rose, but the country's biggest bank, Royal Bank of Canada, slipped 37 Canadian cents, or 0.7 percent, to C$53.25.

The benchmark index has gained 0.3 percent since the beginning of September.