After starting the day on a positive note, Toronto’s benchmark index slipped into negative territory by Wednesday’s close, dragged down by weakness in energy and financial stocks.

The S&P/TSX composite index fell 80 points, or 0.9%, to close at 8,737.89.

Oil futures dropped sharply after data showed that U.S. crude inventory levels rose to an 18-month high. Crude for March delivery ended down US$1.61, or 4.3%, at US$35.94 a barrel on the New York Mercantile Exchange.

This price weakness helped pull down energy stocks 1.7% on the TSX.

Shares of Canadian Natural Resources Ltd. fell $1.74, or 3.9%, to close at $43.14.

EnCana Corp. shares fell 4% to $53.12 and Nexen Inc.’s stock tumbled $1.01, or 5.5%, to end at $17.44.

Shares of Talisman Energy Inc. dipped 2.2% to $12.32.

The financials group fell 1.4% on Wednesday.

Sun Life Financial Inc. fell 3.4% to $23.00 and Power Financial Corp. shares declined 1.4% to $22.68.

Shares of Manulife Financial Corp. dropped 3.6% to $19.36.

CIBC shares dipped $0.85, or 1.8% to $46.46.

Materials companies bucked the trend and added 3.6% on Wednesday, after gold futures climbed to their highest level in nearly seven months. Gold for February delivery ended up US$30.10, or 3.3%, at US$943.80 an ounce on the Comex division of the New York Mercantile Exchange.

The sub-gold index soared 7.5%.

Shares of Agnico-Eagle Mines Ltd. surged $4.08, or 6.2%, to close at $70.08.

Goldcorp Inc. rose 6% to $39.05 and Barrick Gold Corp. was up 3.8% to $47.92.

Agrium Inc. saw its shares rise 2.6% after the company reported annual profit of $1.3 billion in 2008, nearly triple its 2007 net earnings of $441 million. Agrium shares rose $1.20 to $47.21.

Shares of Research in Motion Ltd. plummeted 15.4% after the BlackBerry-maker announced it would report fourth quarter profit at the low end of its previously announced guidance. RIM shares finished at $60.00, down $10.88.

Shares of BCE Inc. advanced 1.4% after the company announced a 5% boost to its annual common share dividend. BCE shares closed at $25.49, up $0.36.

WestJet shares dropped 5.8% to $12.95 after the company reported fourth-quarter profit of $40.8 million, down 45.9% from $75.4 million in the same quarter last year.

The junior S&P/TSX Venture index advanced 9.17 points, or 1%, to finish at 911.26.

The Canadian dollar edged higher by US0.22¢ to close at US80.46¢.

In New York, equities shook off steep losses on Tuesday to finish higher on investor optimism surrounding the U.S. government’s economic stimulus package.

The Dow Jones industrial average gained 50.65 points, or 0.6%, to end at 7,939.53.

The S&P 500 index gained 6.58 points, or 0.8%, to close at 833.74.

The Nasdaq composite rose 5.77 points, or 0.4%, to 1,530.5.