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* TSX ends up 47.25 points, or 0.2%, at 21,818.47

* Index gains 1.7% for the week

* Technology rises 1.6%

* Turquoise Hill Resources Ltd gains 5.3%

TORONTO, March 18 (Reuters) - Canada's main stock index climbed on Friday to a record high as investors stuck with bets that rising interest rates and elevated commodity prices would play to the strengths of the financial and resource-heavy market.

The Toronto Stock Exchange's S&P/TSX composite index ended up 47.25 points, or 0.2%, at 21,818.47. It touched a record intraday high at 21,877.14, eclipsing November's peak of 21,796.16.

For the week, the index was up 1.7%, its fourth week of gains.

Wall Street's three major indexes also closed higher as investors continued to digest the Federal Reserve's interest rate increase on Wednesday and the central bank's aggressive plan for further hikes aimed at combating soaring inflation.

Rising interest rates and inflation driven by surging commodity prices hit "the sweet spot" for the Toronto market, said Matt Skipp, president of SW8 Asset Management.

As Russia's invasion of Ukraine disrupts the global economy and drives up oil, gold and industrial metal prices, investors are embracing Canada's commodity-linked stock market to protect their portfolios from the impact of supply shortages and soaring inflation.

"If you factor in the importance of Russia as a supplier of commodities, the suggestion is that the current disruption to supply will not end with the ending of the conflict, but rather will go on for potentially considerably longer," said Stuart Cole, head macro economist at Equiti Capital.

Resource shares account for more than a quarter of the Toronto market's weighting, while financials, which tend to benefit from higher interest rates, have a weighting of more than 30%.

Friday's advance was led by the technology group. It rose 1.6%, while industrials ended 0.9% higher.

Shares of Turquoise Hill Resources Ltd rose 5.3% as the copper producer's largest minority shareholder rejected a $2.7 billion bid for the company by Rio Tinto as too low. (Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by Cynthia Osterman)