Falling resources shares pulled the Toronto Stocks Exchange’s benchmark index sharply lower Monday.

The S&P/TSX composite index plunged 297.59 points, or 2.12%, to close at 13,712.80.

The index is now down 120 points from where it started the year.

Today’s losses came after CIBC World Markets cut its year-end forecast for the S&P/TSX composite to 14,300 from 15,200.

The weakness was widespread as nine of the 10 TSX groups gave up ground.

The heavyweight energy group was down 3.9%.

Crude-oil futures fell for the first time in four trading sessions as tensions eased in the Middle East. Crude for August delivery dropped US$3.92, or 2.7%, to settle at US$141.37 a barrel on the New York Mercantile Exchange.

Gold futures pared their losses to finish off earlier lows on Monday. Gold for August delivery closed down US$4.80 to US$928.80 an ounce on the Nymex.

The junior S&P/TSX Venture composites index plunged 3.3%, or 84.62 points, to end at 2,478.37.

The Canadian dollar rose 0.11 of a cent from Friday’s close to finish at US98.15¢.

In New York, U.S. stocks fell on concerns that the top two U.S. mortgage providers would have to raise even more capital, while big energy companies fell along with oil prices.

The Dow Jones industrial average shed 56.58 points, or 0.50% to end at 11,231.96.

The S&P 500 dropped 10.59 points, or 0.84%, to close at 1,252.31. The tech heavy Nasdaq composite index slipped 2.06 points, or 0.09%, to end at 2,243.32.