Toronto stocks fell Monday, as energy stocks fell despite a higher price for crude oil and as financials lost ahead of bank earning reporting season, which begins tomorrow. U.S. markets fell even deeper, as investors returned from the Thanksgiving holiday in a selling mood.

The S&P/TSX composite index fell 88.63 points, or 0.70%, to 12,542.45.

Seven of the 10 TSX main sub-groups were down, with the energy index off 0.75%.

Light, sweet crude oil for December delivery closed up $1.08 at US$60.32.

Canadian Oil Sands Trust was off 20¢, or 0.70¢, to $28.55 per unit.

The materials index fell 0.79%, while the gold sub-sector moved up 0.81%.

The contract for gold closed up $11.60 to US$640.60 an ounce.

Iamgold Inc. lost 22¢, or 2.05%, to $10.50.

The financials sector lost 0.62%. Bank of Montreal, which reports it year-end numbers tomorrow, fell 20¢, or 0.28%, to $71.51.

The Canadian dollar benefited from weakness in the U.S. greenback, rising 0.27 of a cent to US88.32¢.

The S&P TSX Venture composite index moved up 11.53 points, or 0.42%, to 2,748.41.

In New York, markets fell on negative corporate reports, reversing some of the recent gains made over the last several weeks.

The Dow Jones industrial average sank 158.38 points, or 1.3%, to 12,121.79, the S&P 500 fell 19.05 points, or 1.4%, to 1,381.95 and Nasdaq composite index lost 54.34 points, or 2.2%, to 2,405.92.