We present a nearly-linear time algorithm that produces high-quality sparsifiers of weighted graphs. Given as input a weighted graph $G=(V,E,w)$ and a parameter $ε>0$, we produce a weighted subgraph $H=(V,\tilde{E},\tilde{w})$ of $G$ such that $|\tilde{E}|=O(n\log n/ε^2)$ and for all vectors $x\in\R^V$ $(1-ε)\sum_{uv\in E}(x(u)-x(v))^2w_{uv}\le \sum_{uv\in\tilde{E}}(x(u)-x(v))^2\tilde{w}_{uv} \le (1+ε)\sum_{uv\in E}(x(u)-x(v))^2w_{uv}. (*)$ This improves upon the sparsifiers constructed by Spielman and Teng, which had $O(n\log^c n)$ edges for some large constant $c$, and upon those of Benczúr and Karger, which only satisfied (*) for $x\in\{0,1\}^V$. A key ingredient in our algorithm is a subroutine of independent interest: a nearly-linear time algorithm that builds a data structure from which we can query the approximate effective resistance between any two vertices in a graph in $O(\log n)$ time.