Toronto stocks closed slighty lower as declines in bank shares offset gains in energy issues. The S&P/TSX composite index dropped 8.83 points, or 0.09%, to 9,509.52.

The financial sector, which accounts for about a third of the key index, fell 0.73%, second only to a 0.78% drop among information technology shares. Seven of the 10 main TSX groups ended lower.

Second-quarter profits at CIBC and Bank of Montreal both missed analysts’ expectations, triggering the slide in financial stocks.

CIBC shares fell $1.68, or 2.25%, to $73.10, while Bank of Montreal dropped 54¢, or 0.9%, to $55.52.

Energy stocks lead with a gain of 1%

Oil prices rose above US$51 a barrel for the first time in two weeks. Light, sweet crude for July delivery closed up $1.31 at US$50.98 a barrel after the U.S. government said oil inventories fell last week.

EnCana gained 62¢, or 1.4%, to $43.62, while Talisman Energy advanced $1.12, or 2.8%, to $40.60.

The junior S&P/TSX Venture composite index edged down1.04 points to finish at 1,605.51.

In New York, stocks fell as oil touched a two-week high and tech stocks faded after a profit warning from Network Appliance Inc., ending the Nasdaq index’s longest rally in five years.

The Dow Jones industrial average dropped 45.88 points, or 0.44%, to close at 10,457.80. The S&P 500 dropped 4.06 points, or 0.34%, to 1,190.01. The tech-heavy Nasdaq Composite Index dropped 11.50 points, or 0.56%, to 2,050.12.