Markets in both Canada and the U.S. came crashing down Monday as investors reacted to news that the U.S. Congress voted against the U.S. Treasury Department’s proposed bailout plan.

All 10 main groups within the Toronto Stock Exchange tumbled sharply, sending the S&P/TSX composite index down 840.93 points, or 6.94%, to close at 11,285.07.

Energy stocks plunged 10.6%, led by a 19% drop for Canadian Natural Resources, which closed at $65.27. Encana Corp. fell $6.22, or 8.7% to close at $65.

This was coincided with a loss of more than US$10 for oil futures, which ended the day at its lowest level in almost two weeks. Crude for November delivery dropped US$10.52, or 9.8%, to close at US$96.37 a barrel on Nymex.

Losses were felt among every company within the financials group, sending it down 5.79% overall.

This included an 8.5% drop for CIBC, which fell $5.28 to $56.90, and a 7.5% slide forNational Bank of Canada, which closed at $47.23.

Within the materials group, gains for some gold companies weren’t enough to offset severe losses for other firms, pushing the group down 5.86% on Monday.

First Quantum Minerals Ltd. plunged $8.22, or 19.6%, to $33.70, and shares of Inmet Mining Corp. fell $8.37, or 15.22% to $46.63.

Investors’ return to gold as a safe haven boosted the precious metal US$5.90, or 0.7%, to close at US$894.40 an ounce on the Comex division of the New York Mercantile Exchange.

The subgold index fell 0.4%.

The Canadian dollar slipped more than a cent to close at US95.79¢.

Canada’s junior index, the S&P/TSX Venture composite index, plunged almost 9% on Monday, falling 133.61 points to close at 1,382.03.

South of the border, the Dow Jones industrial average experienced its largest point drop on record, falling 777.68 points, or 7%, to close at 10,365.45.

The S&P 500 index fell 106.59 points, or 8.8%, to 1,106.42. The Nasdaq composite index plunged 199.61 points, or 9.1%, to 1,983.73.

The latest casualty of the credit crisis, Wachovia Corp., plummeted 81.6% to close at US$1.84 after the bank was sold to Citigroup Inc.