Energy and technology stocks managed to keep Toronto markets in positive territory Thursday, while U.S. markets were caught off guard after corporate bonds issued by General Motors Corp. and Ford Motor Co. were downgraded to junk status.

At close, the Standard & Poor’s/TSX Composite Index was up just 2.98 or 0.03% to 9476.27, its fourth gain in five days. The TSX Venture exchange was virtually unchanged, ahead 0.13 of a point or 0.01% to 1683.40.

On Wall Street, the Dow Jones industrials lost 44.26 points or 0.43% to 10340.38. The Nasdaq composite declined 0.43 or 0.02% to 1961.80 and the S&P 500 index slid 3.02 or 0.26% at 1172.63.

The Canadian dollar was up slightly late in the session, adding 0.05 of a cent to US80.31¢.

In Toronto, energy and tech stocks kept the TSX from slipping into the red. Energy stocks were up 1.34% as light, sweet crude for June delivery rose 70¢ to settle at US$50.83 a barrel on the New York Mercantile Exchange.

Tech shares added 0.95% on the strength of $3.27 gain (5.04%) by Research In Motion Ltd. to US$68.21

Financial stocks held back the TSX, losing 0.63%. Manulife Financial Corp. lost 45¢ or 0.77% to $58.13 despite posting an 88% jump in first-quarter earnings. Great-West Life Inc. was up 5¢ or 0.18% to $27.25 after posting an 11% earnings gain in Q1.

On Wall Street, U.S. investors were rattled after Standard & Poor’s Ratings Services cut its corporate credit ratings to junk status for both GM and Ford. Stocks closed off their afternoon lows, but the downgrades took their toll.

The move by S&P quickly rippled through the market. The move came one day after GM and Ford shares surged in response to billionaire investor Kirk Kerkorian’s announcement that he’s taking a large stake in embattled GM, which is suffering for a sharp drop in sales and higher costs.

The bad news for Ford and GM sent the automakers’ shares tumbling. GM dropped $1.94 or 5.91% to US$30.86 while Ford shed 46¢ or 4.53% to US$9.70.