Toronto stocks closed higher for a second straight day Friday as higher oil prices lifted energy stocks.

The S&P/TSX composite index jumped 108.31 points to 12,239.04.

That added up to a modest loss of 29.82 points on the week.

Income trusts moved higher after two sessions of sharp losses. The trust sector rose 4% Friday after falling 4% Thursday and more than 12% on Wednesday, following Ottawa’s announcement that it plans to tax trusts like regular corporations.

The TSX energy sector was up 2.8%, with the December contract for crude on the New York Mercantile Exchange up $1.26 to US$59.14 a barrel.

EnCana Corp. was up $1.44 to $54.25.

The energy trust sector rose 4.25% as units in Pengrowth Energy Trust were $1.22 higher to $19.83, after the company said third-quarter profit fell.

Canadian Oil Sands Trust also revived, rising $1.11 to $28.28.

The telecom sector rose 0.35%.

Shares in telecom Telus Corp. fell 35¢ to $57.38, after posting a 68.1% jump in third-quarter profit Thursday to $319.6 million.

The TSX base metals sector also provided major lift, up 2.8%. Fording Canadian Coal Trust improved $1.21 to $25.04 and Teck Cominco Ltd. moved up $3.07 to $84.07.

The December gold bullion contract on the Nymex was up $1.40 to US$629.20 an ounce.

The TSX Venture composite index added 44.96 points to 2,641.91.

The Canadian dollar was up 0.34 of a cent to US88.55¢ after Statistics Canada said the economy recorded a net gain of 51,000 jobs.

On Wall Street, the sharp rise in oil prices helped U.S. stocks lose early strength despite strong employment data that had eased concerns that the economy is slowing too quickly.

The Dow Jones industrial average slipped 32.5 points to 11,986.04.

The U.S. unemployment rate dropped to 4.4% in October as employers added 92,000 jobs, below expectations of 125,000. But the U.S. Labor Department also said job gains in both August and September turned out to be much stronger than previously estimated.

The Nasdaq composite lost 3.23 points to 2,330.79 while the S&P 500 gave back 3.04 points to 1,364.3.

For the week, the Dow slid 0.9% and the S&P 500 fell nearly 1%. The Nasdaq dropped 0.8%.