Toronto stocks ended modestly higher, as a rally among financials offset a weak day in the energy sector. Meanwhile U.S. markets dropped as investors reacted to economic news that suggested inflation could be a concern.

The S&P/TSX composite index rose 29.90, or 0.26%, to 11,631.91.

For the week, the benchmark index added 19.03 points.

Eight of the 10 TSX main indices were up, but the energy sector dropped 1.11%.

The front month contract for light, sweet crude fell $1.05 to US$74.09 a barrel, after touching a record high of $75.55 during intra-day trading.

Canadian Oil Sands Trust units fell $1.25, or 3.68%, to $32.70.

The materials sector inched forward 0.05%, while the gold sub-sector retreated 1.57%.

Gold for August delivery closed down $1.50 at US$634.80 an ounce on the New York Mercantile Exchange. Other metals, such as copper and platinum, also dropped on Friday.

Goldcorp Inc. dropped 75¢, or 2.16%, to $33.91.

The financials sector rose 1.39% on expectations the Bank of Canada would hold rates steady next week at its scheduled announcement.

Bank of Nova Scotia rose 26¢, or 0.58%, to $44.98.

In economic news, Statistics Canada reported the Canadian unemployment rate was holding at 6.1% in June, but employment slipped by 4,600.

The Canadian dollar was down 0.18 of a cent at US89.74¢.

The S&P/TSX Venture composite index rose 3.94 points, or 0.15%, to 2,688.16.

In New York, a weaker-than-expected job growth report and evidence of wage appreciation fuelled a sell off.

The Dow Jones industrial average fell 134.63 points, or 1.2%, to end at 11,090.67. The Nasdaq composite index dropped 25.03 points, or 1.2% to 2,130.06, while the S&P 500 ended down 8.60 points, or just under 0.7%, at 1,265.48.

On the week, the Dow Jones lost 0.5%, the Nasdaq retreated 1.9% and the S&P 500 shed 0.4%.