Toronto stocks fell sharply again on Thursday, as lower oil and commodity prices weighed down the market, despite a strong day in the information technology sector.

The S&P/TSX composite index sank 147.84, or 1.16%, to close at 12,553.60. The market has lost 370.06 points, or 2.86%, over the last two sessions.

Seven of the 10 TSX main sub-groups were down, with the energy index losing 3.34%.

Light, sweet crude for February delivery dropped $2.73 to close at US$55.59 a barrel.

EnCana Corp. lost $1.22, or 2.29%, to $51.99.

The materials index gave up 1.78%, while the gold sub-sector was off 1.72%.

Lionore Minerals fell back 18¢, or 1.45%, to $12.27, while Gabriel Resources Ltd. lost 29¢, or 5.61%, to $4.88.

The February gold futures contract fell $3.60 to close at US$626.20 an ounce.

The information technology sector gained 3.25%. Research in Motion Inc. gained $13.08, or 8.70%, to $163.49.

The Canadian dollar lost 0.36 of a cent to close at US84.94¢.

The S&P TSX Venture Exchange fell 72.84, or 2.50%, to 2,843.50.

In New York, markets were up as investors cheered lower energy prices and strength in the technology, despite weak economic news, including disappointing December retail sales figures.

The Dow Jones industrial average closed up 6.17 points to 12,480.69, ending in positive territory after spending much of the day in the red. The S&P 500 rose 1.74 points to 1,418.34, while the Nasdaq composite index gained a strong 30.27 points to 2,453.43.