The Toronto stock market plunged Wednesday afternoon, giving up earlier gains, and ended lower for a fifth day as credit worries lingered.

The S&P/TSX composite index closed down 193.86 points, or 1.5%, at 13,048.76.

The index has fallen in eight of 10 sessions in August. It has given up all the ground it had gained since April. It is now up about 1% year to date.

All 10 of the TSX main sectors were lower.

The energy and materials sectors fell 1.2% and 3.4%, respectively.

Canadian Natural Resources dropped $1, or 1.4%, to $68.90, even as commodity prices rose. U.S. crude oil futures settled 95¢ higher at US$73.33 on concerns that tropical storms in the Gulf of Mexico could disrupt output, while natural gas futures also edged higher.

In materials, Potash Corp. of Saskatchewan led the fall, down $5.40, or 5.9%, at $86.20. Kinross Gold tumbled $1.12, or 8.7%, to $11.81, even as the price of gold steadied.

The financials sector, which has taken the most heat as a result of the U.S. subprime mortgage crisis, slipped 0.36%.

The junior S&P/TSX Venture composite index tumbled 123.76 points to 2,660.84.

The Canadian dollar declined 0.97 of a cent to US92.78¢. The slide came on top of a 1.2¢ slide Tuesday as part of the damage arising from weakness in global financial markets.

In New York, U.S. stocks fell sharply after Countrywide Financial shares plunged on a brokerage downgrade and rumors it was having trouble raising money.

Shares of the No. 1 U.S. mortgage lender fell 13% to close at US$21.29 on rumors it was having difficulty raising money in the commercial paper market.

The Dow Jones industrial average lost 167.45 points, or 1.29%, to end at 12,861.47 — or 8.4% below its record close. Wednesday marked the Dow’s first close below 13,000 since April 24.

The S&P 500 fell 19.84 points, or 1.39%, to finish at 1,406.70. The S&P is now 9.43% below its record high close and down 0.82% for the year. The Nasdaq composite index dropped 40.29 points, or 1.61%, to close at 2,458.83.