TORONTO -- The Toronto stock market pulled back as it looked for direction in a shortened trading week ahead of the Christmas break.

The S&P/TSX composite index dipped 35.88 points to 14,432.38, amid a decline in gold and oil stocks as both commodities fell. The Canadian dollar dropped 0.22 of a cent to 85.93 cents US.

On Wall Street, the Dow Jones industrials gained 154.64 points to 17,959.44, while the S&P 500 index added 7.89 points to 2,078.54. Both were record closes. The Nasdaq rose 16.04 points to 4,721.42.

With no major economic releases on the day, traders digested comments from Saudi Arabia, which said it has no plans to cut crude production in the face of a global supply glut. Oil price hit US$107 a barrel in June but have since plunged nearly 50 per cent as demand has waned and production increased.

The January crude contract on the New York Mercantile Exchange closed down $1.87 at US$55.26 a barrel.

The gold sector led decliners as February bullion fell $16.20 to US$1,179.80 an ounce, while March copper dipped a penny to US$2.88 a pound.