Weak resource shares dragged the Toronto Stock Exchange’s benchmark index lower on Wednesday. The S&P/TSX composite index fell 130.53 points, or 0.96%, to 13,512.66.

The TSX energy sector moved fell 3.7%. Crude oil for September delivery fell US$3.94 to settle at US$124.48 a barrel, after government data showed a big increase in U.S. inventories of gasoline.

On the TSX, EnCana Corp. gave back $3.96 to $73.21 and Canadian Natural Resources declined $5.41 to $80.28.

The TSX financial sector improved 3.35%, in tandem with U.S. banking stocks.

TD Bank (was up $1.81 to $63.22 and Bank of Montreal climbed $2.52 to $49.82.

Shares of CIBC climbed even though disgruntled shareholders launched a multibillion-dollar lawsuit against the bank over its bad loans in the U.S. subprime mortgage market.

CIBC gained $3.17, or more than 5% to close at $63.29 on the TSX on Wednesday.

The gold sector lost 5.8% as the August bullion contract faded $25.70 to US$922.80 an ounce. Goldcorp Inc. fell $2.70 to $40.95.

The base metals sector lost 3.3% as HudBay Minerals shed 76¢ to $10.34.

The junior S&P/TSX Venture composite index fell 40.53 points, or 1.179%, to 2,223.13.

The Canadian dollar fell 0.19¢ from Tuesday’s close to end at US98.98¢.

In New York, U.S. stocks rose on hopes lawmakers will approve a rescue plan for mortgage finance companies Fannie Mae and Freddie Mac.

Financial shares rose after U.S. President George W. Bush dropped a threat to veto a housing rescue bill, clearing the way for measures aimed at stabilizing the battered housing market, which has been the source of huge losses for financial companies.

The Dow Jones industrial average rose 29.88 points, or 0.26%, to 11,632.38, while the S&P 500 gained 5.11 points, or 0.40%, to 1,282.11. The Nasdaq composite index was up 21.92 points, or 0.95%, at 2,325.88.