Slumping energy and tech issues dragged Toronto stocks sharply lower Friday. The S&P/TSX composite index fell 96.31 points, or 1.36%, to close at 7,010.55. For the week, Toronto’s benchmark index shed 0.5%.

The energy sector and the information technology group both dropped 2.4% amid broad-based selling as investors moved to lock in profits.

Energy stocks, which set record highs earlier in the week on worries about limited supplies, handed back some of the gains after the U.S. Department of Energy reported a weekly rise in natural gas inventory levels.

EnCana fell $1.17, or 2%, to $51.43, while Petro-Canada shed $1.85, or 3.3%, to close at $54.35.

Among tech stocks, Nortel Networks slid 27¢, or 6.3%, to $4, while Celestica dropped 59¢, or 2.7%, to $21.21.

ATI Technologies bucked the negative trend in the tech sector as rumors the company was selected for a major contract by Microsoft drove its shares up 40¢ to $11.18.

The TSX Venture Exchange rose 10.66 points to close at 1,117.42.

In New York, stocks slumped after consumer sentiment fell unexpectedly in June, and prompting investors to lock in profits following three days of gains..

The Dow Jones industrial average fell 79.43 points to 9,117.12 as U.S. consumer confidence unexpectedly weakened. The S&P 500 shed 9.90 points to 988.61, and the tech-heavy Nasdaq composite index fell 27.13 points to 1,626.49.

Although economists had forecast a gain in the University of Michigan index of consumer sentiment, it fell to 87.2 in June from May’s 92.1.

For the week, the Dow gained 0.60%, the S&P 500 edged up 0.09% and the Nasdaq dipped 0.06%.

The Canadian dollar rallied on news of more weakness in the United States. The loonie gained 0.83 of a cent, closing at US74.91¢.