North American stocks sank Monday, as investors remained pessimistic about the ongoing global credit crunch and the rising likelihood of an economic slowdown in the United States.

In Toronto, the S&P/TSX composite index gave up 146.15, or 1.09%, to 13,321.05.

All 10 TSX main sub-groups finished lower.

The energy index fell 0.93%.

Light, sweet crude futures fell 48¢ to US$97.70 a barrel.

Petro Canada fell $1.08, or 2.09%, to $50.52.

The materials index fell 2.60%, while the gold sub-index fell 3.48%.

Gold futures gained $1.80 to US$826.50 an ounce.

Iamgold Corp. fell 34¢, or 3.85%, to $8.50.

The financials group gave up 0.75%

Toronto-Dominion Bank fell $1.52, or 2.30%, to $64.48.

The Canadian dollar fell 0.18 of a cent to US$1.0087.

The S&P/TSX Venture composite fell 69.71 points, or 2.45%, to 2,777.00.

In New York, markets headed lower as investors took in continuing bad news from U.S. financial services companies touched by the effects of the subprime mortgage meltdown.

The Dow Jones industrial average dropped 237.44 points, or 1.83%, to 12,743.44, the Nasdaq composite index sank 55.61, or 2.14%, to 2,540.99, and the S&P500 index gave up 33.48, or 2.32%, to 1,407.22.