TORONTO (Reuters) - The Toronto Stock Exchange's main index surged to within a hair of its record high close in an across-the-board rally sparked by the Canadian government's promise to cut taxes and an interest rate cut by the US Federal Reserve.

Resource shares underpinned the leap, rising on soaring commodity prices. Heavyweight financials climbed on the back of the Fed's announcement that it would cut interest rates by 25 basis points to 4.50 percent, as expected, while the Fed also signaled that the US economy is on a solid footing.

"We are getting a hell of a resource market today," said Lex Kerkovius, senior research analyst at McLean & Partners Wealth Management, in Calgary, Alberta.

"We're generally getting an energy market, and financials obviously participating at the moment because of the rates," Kerkovius said.

A late-day jump brought the market to just under its record close of 14,625.76 and within spitting distance of its record high of 14,646.82.

The S&P/TSX composite index closed up 312.92 points, or 2.2 percent, at 14,625.00 with all of the TSX's 10 main sectors finishing higher.

The index was up 3.7 percent for the month.

Energy issues led the way up, following a jump in oil prices after a drop in US inventories prompted concerns over winter supply.

Crude rose $4.15 to $94.53 a barrel, after earlier touching a record of $94.74. The TSX energy sector gained 3.4 percent.

Suncor Energy was up C$3.79, or 3.8 percent, at C$103.45, while Canadian Natural Resources gained C$3.46, or 4.6 percent, to C$78.56.

The market was also pulled higher by the government's announcement Tuesday that it would implement C$60 billion in tax cuts over the next five years, including an immediate reduction in the corporate tax rate.

"For Canada, the good mini-budget is still with us today," said Adrian Mastracci, portfolio manager and president at KCM Wealth Management, in Vancouver, British Columbia.

"There were tax cuts all across the board, just about every Canadian there is got something yesterday."

The materials sector, home to resource shares, gained 2.5 percent as gold hit a 28-year high on US dollar weakness.