Toronto stocks dropped Monday, as weakness in the price of oil and worries over the prospect of inflation and higher interest rates had investors selling off of strong recent gains.

The S&P/TSX composite index lost 215.33, or 1.58%, to 13,416.68.

Statistics Canada reported that the GDP has grown by 0.4% in February, above the 0.2% that observers had expected. The Canadian dollar closed up 0.47 of a cent to US90.08¢, its highest level in eight months.

All 10 TSX main sub-groups were down for the day.

The energy index fell 1.91% Light, sweet crude for June delivery lost 76¢ to close at US$65.71 a barrel.

EnCana Corp. lost $1.70, or 2.84%, to $58.10.

The materials index fell 2.37%, while the gold sub-index dropped 2.48%. Gold futures gained $1.70 to US$681.90 an ounce.

Meridian Gold Inc. fell 90¢, or 3.13%, to $27.90.

The S&P TSX Venture Exchange fell 32.87, or 1.00%, to 3,265.92.

In New York, markets moved lower as investors, faced with uncertain prospects concerning the growth of the U.S. economy, locked in gains.

The Dow Jones industrial average fell 58.03, or 0.44%, to 13,062.91, the Nasdaq moved down 32.12, or 1.26%, to 2,525.09, and the S&P500 lost 11.70, or 0.78%, to 1,482.37.