Stocks in Toronto continued to slide on Friday, bringing the total decline for the first two days of October to nearly 450 points for the benchmark index of the Toronto Stock Exchange.

The S&P/TSX composite index tumbled 113.43 points, or 1%, to close at 10,958.33. For the week, the benchmark index fell more than 2%.

Financial sector stocks led Friday’s declines, finishing the session down 2%.

Shares of Bank of Nova Scotia tumbled $1.93, or 4%, to close at $46.10.

Bank of Montreal fell 2.2% to $51.82 and Toronto-Dominion Bank finished at $65.17, down 2.3%.

Also lower was CIBC, down $1.15, or 1.8%, to $63.31.

The energy group fell 1.2% as oil futures declined. Crude oil for November delivery fell 87 cents, or 1.2%, to US$69.95 a barrel on the New York Mercantile Exchange. But despite Friday’s drop, crude ended the week up 6%.

Units of Canadian Oil Sands Trust dropped $1.07, or 3.6%, to end at $28.30.

Units of Pengrowth Energy Trust tumbled 6.7% to $10.28 after it announced that it would reduce its monthly cash distribution to 7 cents per unit, down from 10 cents, beginning in November.

Nexen Inc. fell 3.6% to $22.47 and Canadian Natural Resources Ltd. retreated by 2% to $68.42.

Higher for the day was Petrobank Energy and Resources Ltd., up $1.00, or 2.3%, to $44.60.

Gold for December delivery rose $3.60, or 0.4%, to $1,004.30 an ounce on the Comex division of the New York Mercantile Exchange. It gained 1.3% for the week.

Despite the boost, materials stocks on the TSX retreated by 0.3% on Friday, while the sub-gold index finished flat.

Inmet Mining Corp. fell 2.6% to $55.50, and First Quantum Minerals Ltd. plunged 3.9% to $65.01.

Also lower was Agrium Inc., off 1.6% to $50.78, and Kinross Gold Corp., down 1.4% to $22.12.

Gainers included Hudbay Minerals Inc., up 4.9% to $12.90, and Ivanhoe Mines Ltd., up 4.4% to $13.63.

Meanwhile, the consumer staples group enjoyed gains on Friday, finishing up 1.1%. Shares of convenience store operator Alimentation Couche-Tard Inc. gained 4% to $18.78.

The junior S&P/TSX Venture composite index also incurred losses on Friday, slipping 4.59 points, or 0.4%, to close at 1,244.12.

The loonie advanced by nearly one-fifth of a cent to close at US92.38¢.

Stocks in New York also retreated on Friday after the U.S. Labour Department reported that employers eliminated more jobs than expected last month, sending the unemployment rate to 9.8%. Consumer discretionary stocks took a hefty hit on the disappointing employment news.

The Dow Jones Industrial Average fell 21.61 points, or 0.2%, to 9,487.67. For the week, the blue chips fell 1.8%.

The S&P 500 Index shed 4.64 points, or 0.5%, to 1,025.21, down 1.8% from the week-ago close.

The Nasdaq Composite Index dropped 9.37 points, or 0.5%, to 2,048.11, down 2.1% for the week.

IE