Toronto stocks closed slightly lower Friday as investors locked in profits made earlier in the week. The S&P/TSX composite index slipped 7.57 points to close at 7,070.91. For the week, the benchmark index rose nearly 1%.

The information technology sector was mostly responsible for the lower session as it dropped 1.4%. The heavily weighted financial index fell 0.4%, while the telecoms sector slipped 0.5%.

Cognos fell $2.68 to $37.65 as investors expressed disappointment with its second-quarter earnings outlook.

Mosaid Technologies tumbled $2.26 to $6.65 after the semiconductor company issued an earnings warning for fiscal 2004.

Market volume was heavier than normal as 263 million shares valued at $3.6 billion changed hands. Market momentum was almost flat as 559 issues declined and 554 advanced.

The S&P/TSX Venture Composite Index closed down 0.81 points at 1,112.61. Trading was very heavy on a volume of 68.9 million shares worth $19.7 million, with 217 advances, 224 declines and 476 issues unchanged.

In New York, blue chips staged a moderate comeback, but technology shares, succumbed to profit taking.

The Dow Jones industrial average closed up 21.22 points at 9,200.75.
The Standard & Poor’s 500 index rose 0.99 to 995.69. The Nasdaq composite index fell 3.91to 1,644.73.

All three gauges ended the week higher. The Dow rose 0.9%, the Nasdaq advanced 1.1% and the S&P gained 0.7%.

The Canadian dollar was walloped the U.S. greenback staged a broad rally ahead next week’s rate-setting meeting by the Fed.

The loonie finished at its worst level in a week at US73.55¢, down from US74.45¢ on Thursday.