Toronto stocks were down Wednesday, despite a strong day in the technology sectors, as falling crude oil prices weighed down the energy sector and investors reacted to the U.S. Federal Reserve’s decision to hold the line on rates, while leaving the door open to hikes if inflation rises.

The S&P/TSX composite index fell 66.32, or 0.57%, to 11,635.39.

Five of the 10 TSX main sub-groups were down.

The U.S. central bank announced it was holding overnight interest rates steady at 5.25%, but also indicated further increases might be necessary if inflationary pressures don’t subside.

The energy sector fell 3.10%. The October light, sweet crude contract ended down $1.20, or 2%, at US$60.46 a barrel.

EnCana Corp. fell $1.41, or 2.71%, to $50.59.

The materials sector gained 0.39%.

The benchmark December futures contract for bullion rose $3 to close at US$586.20 an ounce.

Barrick Gold Corp. fell 50¢, or 1.54%, to $31.95.

The information technology sector moved ahead 1.21%, while the telecommunications index gained 1.18%.

Nortel Networks gained 2¢, or 0.77%, to $2.62.

The Canadian dollar closed at US88.60¢, down US0.08¢.

The S&P/TSX Venture Exchange index fell 39.05, or 1.54%, to 2,498.39.

In New York, markets rallied as investors were cheered by falling energy prices, strong corporate earnings news, and the Fed’s decision to hold the line on rates.

The Dow Jones Industrial Average rose 72.28 points at 11,613.19. The Nasdaq Composite Index gained 30.52 points to 2,252.89. The S&P 500 Index rose 6.87 points to 1,325.18.