Gold stocks climb, but TSX drops

The Toronto stock market closed lower Friday with investors opting for caution ahead of weekend developments that could set the tone for trading next week. The S&P/TSX composite index closed off the lows of the session thanks in large part to rising gold stocks and positive U.S. economic data, but still down 91.49 points to 11,500.63 while the TSX Venture Exchange slipped 3.15 points to 1,292.93.

The Canadian dollar rose 0.08 of a cent to 97.37 cents (U.S.) as data released Friday showed job creation continued in May and at a slightly better level than expected.

The Dow Jones industrial average was ahead 93.24 points to 12,554.2. The Nasdaq composite index was up 27.4 points to 2,858.42 and the S&P 500 index edged up 10.67 points to 1,325.66.

Going into the weekend, traders looked ahead to the latest trade and industrial data from China that might be even weaker than pessimistic forecasts expected.

The TSX energy sector lost 1.36 per cent as the July crude contract on the New York Mercantile Exchange fell 72 cents to $84.10 a barrel. The base metals group dropped 1.29 per cent as July copper contract declined nine cents to $3.28 a pound. The TSX gold sector was ahead 0.61 per cent as the August bullion contract on the Nymex gained $3.40 to $1,591.40 an ounce. The TSX ended the week higher after a series of steep declines during May, which sent the TSX down more than 11 per cent from its late February highs.