A recovery among energy and gold stocks helped Toronto stocks recover today, though not enough to reach positive ground. The S&P/TSX composite index closed down 2.95 points, or 0.03%, at 8,637.17 on volume of 248.5 million shares worth $3.54 billion.

The TSX has slumped almost 4% this week, as strong U.S. economic data has stoked fear the U.S. Federal Reserve will raise interest rates, sending stocks lower.

Five of the TSX’s 10 subgroups ended higher today. The energy sector led the way, rising 1.09%. World oil prices rose due to the threat of fresh terrorist attacks in Saudi Arabia, the world’s biggest oil supplier and, therefore, worries over U.S. gasoline supplies.

Canadian Natural Resources rose $4.05, or 5.26%, to $81. Talisman Energy added $1.36, or 1.7%, to $81.41. The only oil company that went against this positive trend was
EnCana Corp. Its stock dipped 5¢, or 0.09%, to $58.35 on news that it is seeking to acquire western U.S. energy producer Tom Brown Inc. for about $2.2 billion.

The TSX’s materials group climbed 0.97%, supported by its gold subgroup which rose 0.84%. Meridian Gold rose 60¢, or 4.26%, to $14.69. Barrick Gold added 30¢, or 1.04%, to $29.15.

On the downside, financials and technology issues weighed on the market. The latter group fell 0.7%. Sierra Wireless dropped $1.76, or 2.93%, to $58.40. Nortel Networks Corp dipped 13¢, or 1.69%, at C$7.57.

The S&P/TSX 60 index dipped 0.47 points, or 0.10%, at 479.40. The Canadian Venture Exchange made positive ground today, adding 6.98 points to 1,795.87.

In New York, markets finished on a mixed note. The Dow Jones industrial average closed up 19.51 points, or 0.19%, at 10,397.46. The tech heavy Nasdaq composite index fell 22.68 points, or 1.12%, to 2,002.17.

Technology stocks dropped for the third-straight day on worries about inflation and higher interest rates, overshadowing solid earnings results from companies like Texas Instruments Inc.