The Toronto Stock Exchange’s benchmark index closed with modest gains on Friday, propped up by resource issues.

The S&P/TSX composite index rose 63.07 points, or 0.44%, to finish at 14,355.21.

Just two of the 10 TSX main groups advanced, with strength focused in materials stocks, up 2.87%, and energy issues, which rose 0.88%.

Oil prices hit a record high near US$143 a barrel, spurring fears of inflation and economic malaise, which in turn helped push gold prices near US$930 an ounce.

Barrick Gold climbed $2.28, or 5.3%, to $45.74, while Eldorado Gold gained 52¢, or 6.4%, to $8.68.

The financials group fell 0.61%, hurt by the spectre of more writedows at U.S. banks.

A report from Lehman Brothers said that Merrill Lynch & Co will likely see US$5.4 billion worth of writedowns in the second quarter.

In Toronto, Bank of Nova Scotia shares slid 65¢, or 1.4%, to $47.25.

Among individual stocks BlackBerry-maker Research In Motion fell $3.14, or 2.5%, to $122.00, two days after issuing a disappointing profit forecast.

Shaw Communications climbed 46¢, or 2.4%, to $19.79 after it posted a gain in third-quarter profit.

The junior S&P/TSX Venture composite rallied 40.03 points, or 1.57%, to end at 2,593.40.

The Canadian dollar rose 0.24¢ to finish at US98.95¢.

In New York, U.S. stocks fell again, continuing Thursday’s rout, and pushing the Dow to the brink of a bear market.

The Dow Jones industrial average dropped 106.91 points, or 0.93%, to end at 11,346.51. During the session, the Dow dropped below 11,331.62, or more than 20% below its Oct. 9 closing high.

The S&P 500 slipped 4.77 points, or 0.37%, to close at 1,278.38, while the Nasdaq composite index dipped 5.74 points, or 0.25%, to 2,315.63.

For the week, the Dow fell 4.2%, the S&P 500 fell 3%, and the Nasdaq fell 3.8%.