Canada's main stock index offset Friday's losses as the key energy sector gains on higher oil prices and fears about a broader Middle Eastern war caused investors to hedge bets by pushing gold to a near seven-year high.

The S&P/TSX composite index closed Monday up 39.35 points at 17,105.47.

In New York, the Dow Jones industrial average was up 68.50 points at 28,703.38. The S&P 500 index was up 11.43 points at 3,246.28, while the Nasdaq composite was up 50.70 points at 9,071.47.

The Canadian dollar traded at a 14-month high of 77.10 cents US compared with an average of 76.99 cents US on Friday.

The February crude contract was up 22 cents at US$63.27 per barrel and the February natural gas contract was up half a cent at $2.13 US per mmBTU.

The February gold contract was up $16.40 at $1,568.80 US an ounce and the March copper contract was up 0.3 of a cent at $2.79 US a pound.