Toronto stocks ended down Friday, after rallying early in the session, as the market greeted news that the U.S. House of Representatives had passed the bailout bill with a late afternoon sell off.

Ending one of the most tumultuous weeks in the senior exchange’s history, the S&P/TSX composite index dropped 97.19, or 0.89%, to close at 10,803.35. The market hit a high of 11,356.37 early in the session.

The Toronto market, which saw two 800-plus single-day point drops this week, closed down 1,322.65 points on the week, a drop of 10.9%.

Eight of the 10 TSX main sub-groups were down on the session.

The energy index fell by 1.78% as the price of oil drifted lower.

Light, sweet crude for November delivery fell 9¢ to close at US$93.88 a barrel on the New York Mercantile Exchange. The price of oil fell by 12% on the week, weighed down by expectations of a slowing global economy.

Petro-Canada fell 18¢, or 0.56%, to $32.25.

The financial group fell 1.25%.

CIBC shares gained 68¢, or 1.18%, to $58.50 after the bank announced that it had struck a deal with Cerberus Capital Management LP, in which the private equity group invested US$1.05 billion in cash into CIBC’s U.S. residential portfolio.

Bank of Montreal fell $1.16, or 2.66%, to $42.50.

The materials subindex was the one true bright spot on the session, gaining 1.94%, and the gold subindex moved up 4.12%. The positive moves came despite a drop in the price of bullion, with gold futures falling $11.10 to end at US$833.20.

Barrick Gold Corp. moved up $1.70, or 5.11%, to $34.95.

The Canadian dollar closed at US92.46¢, down 0.14¢.

The S&P TSX Venture Exchange fell 11.73, or 0.89%, to 1,300.23.

In the U.S., the House passed the bill to offer a US$700 billion bailout to embattled Wall Street banks by a vote of 263 to 187, and President George W. Bush signed the bill into law. The U.S. Senate passed the bill on Wednesday.

Despite the news, investors remained nervous about whether the bailout would work in the face of mounting evidence that the U.S. economy is weakening.

In New York, the Dow Jones industrial average fell 157.47, or 1.5%, to 10,325.38, the S&P500 fell 15.05, or 1.35%, to 1,099.23, the Nasdaq composite index gave up 29.33, or 1.48%, to 1,947.39.