The Toronto stock market closed sharply lower on Friday as profit-taking and jitters over the impact of the credit squeeze on global economies triggered broad-based declines.

The S&P/TSX composite index closed 330.37 points, or 2.31%, lower at 14,001.66.

For the week, the benchmark index ended the week down 2%, after finishing up for the past five weeks.

The market’s decline coincided with the 20th anniversary of “Black Monday,” when the Dow industrials fell nearly 23% on Oct. 19, 1987, and the key Toronto index fell 11.1%.

All of the TSX index’s 10 main groups closed lower.

The energy stocks heavily on Friday as oil prices came off record highs of more than $90 a barrel, falling to US$88.60.

The TSX oil and gas sector slumped 2.8%, with Husky Energy down $1.04, or 2.4%, at $42.74, and Canadian Natural Resources falling $2.96, or 3.8%, to $74.83.

The materials group, home to resource shares, fell 2.7%, hurt by profit-taking as the price of gold fell to $765.30 an ounce after touching a 28-year high of US$770.

Goldcorp shares dropped 92¢, or 2.9%, to $30.73, while Barrick Gold lost 93¢, or 2.3%, to $40.07.

The financials group fell 2%, after U.S. bank Wachovia posted a 10% drop in third-quarter profit.

Royal Bank of Canada shares shed $1.28, or 3.4%, at $53.28, and National Bank of Canada fell $1.31, or 2.5%, to $51.44.

The TSX Venture composite index was off 37.29 points to 3,010.02.

The Canadian dollar jumped 0.85 of a cent to US103.55¢ on expectations the today’s higher CPI reading means the Bank of Canada won’t be lowering interest rates any time soon.

In New York, a warning from Caterpillar Inc. that the housing slump was infecting the wider economy sent U.S. stocks tumbling.

The Dow Jones industrial average was down 366.94 points, or 2.64%, to end at 13,522.02. The S&P 500 was down 39.45 points, or 2.56%, at 1,500.63. The Nasdaq composite index was down 74.15 points, or 2.65%, at 2,725.16.

For the week, the Dow fell 4.1%, the S&P lost 3.9% and the Nasdaq shed 2.9%.