Toronto stocks gave up early gains to end lower Friday, after worries about the U.S. and Canadian economies offset advances from surging oil prices.

The S&P/TSX composite index slipped 13.36 points, or 0.09%, to 14,969.55.

The heavyweight energy and materials sectors gained 1.7% and 1.2% respectively.

Crude-oil futures climbed almost US$11 a barrel, scoring their biggest one-day gain in dollar terms.

July crude climbed US$10.75, or 8.4%, to close at $138.54 a barrel on the New York Mercantile Exchange, an all-time closing high.

Canadian Natural Resources rose $2.36, or 2.3%, to $106.00, and Imperial Oil added $1.29, or 2.2%, to $60.93.

Meanwhile, gold futures climbed more than US$23 an ounce to log their biggest one-day dollar gain since February.

Gold for August delivery closed at US$899 an ounce on the Nymex, its strongest closing level since May 28.

The TSX financials group dropped 1.8%. CIBC gave up$1.82, or 2.7%, to $65.18, while TD Bank shares dropped $1.10, or 1.6%, to $69.03.

The junior S&P/TSX Venture composite index added 24.72 points, or 0.93%, to 2,681.35.

The Canadian dollar closed at US98.11¢, down from Thursday’s close of US98.16¢.

In New York, U.S. stocks plunged after government data showed the unemployment rate jumped the most in 22 years in May and the price of oil surged.

The Dow Jones industrial average plunged 394.64 points, or 3.13%, to 12,209.81.

The S&P 500 fell 43.37 points, or 3.09%, to 1,360.68.

The tech-heavy Nasdaq composite index dropped 75.38 points, or 2.96%, to 2,474.56.

For the week, the Dow dropped 3.5%, the S&P 500 fell 2.6% and the Nasdaq shed 1.9%.