Toronto stocks tumbled Wednesday on renewed fears over the health of the U.S. economy.

The S&P/TSX composite index closed down 252.38 points, or 1.8%, at 14,118.18 with all sectors in negative territory.

The benchmark index has fallen in four of the past five sessions, shedding about 3.5%.

Mining stocks plunged 4.7% as investors weighed the effect a weaker U.S. economy would have on demand for base metals.

Teck Cominco slumped $2.04, or 4.5%, to $43.70.

Financial shares fell 2.8%. Royal Bank shares dropped $1.67, or 3.1%, at $51.63.

Energy stocks, which had given some support to the market earlier in the day, gave up their gains as the price of oil reversed direction. The sector closed down 1.1%.

The junior S&P/TSX Venture composite index fell 64.69 points, or 2.04%, to end at 3,108.95.

The Canadian dollar closed at US$1.0775, after soaring past the US$1.10 level early Wednesday.

In New York, stocks tumbled as a probe of the home loan industry by New York’s attorney general drew in the country’s biggest mortgage finance companies and Washington Mutual warned the housing downturn would extend well into next year.

The S&P 500 had its biggest daily percentage drop since August.

The Dow Jones industrial average sank 360.92 points, or 2.64%, to end at 13,300.02. The S&P 500 lost 44.65 points, or 2.94%, to 1,475.62. The Nasdaq composite index slid 76.42 points, or 2.70%, to 2,748.76.