The Toronto stock market fell for a second straight session on Tuesday, depressed by weakness in the key energy, materials and financial sectors.

The S&P/TSX composite index dropped 222.56 points, or 1.65%, to close at 13,264.87.

All 10 of the TSX main groups ended lower. Energy gave up 1.4%, financials shed 1.3% and the resource-heavy materials group fell 2.26%.

Teck Cominco shed $2.25, or 5%, to $42.64.

Suncor Energy fell $1.53, or 1.7%, to $90.37, as the October crude contract on the New York Mercantile Exchange declined 24¢ to US$71.73.

Financials stocks slipped as investors digested an earnings report from Bank of Montreal that featured a 7% drop in third-quarter profit amid commodities trading losses.

BMO shares fell $1.52, or 2.3%, to $65.65.

Bank of Nova Scotia < also reported third-quarter results, saying earnings rose 10%, which beat expectations. Its shares declined 62¢, or 1.2%, to $50.54.

The junior S&P/TSX Venture composite index fell 69.75 points, or 2.65%, to 2,562.93.

The Canadian dollar shed 0.96 of a cent to US93.89, after a speech Bank of Canada deputy governor Pierre Duguay suggested the central bank may reconsider raising interest rates next week.

In New York, U.S. stock indices tumbled more than 2% on Tuesday after Merrill Lynch warned that ailing credit markets will hurt bank profits.

The mood worsened late in the day after the release of minutes from the Federal Reserve’s August7 policy meeting.

The transcript showed growing concern among Fed officials about the housing market and its effect on consumers even before credit market turmoil picked up speed.

The Dow Jones industrial average fell 280.28 points, or 2.10%, to 13,041.85. The S&P 500 dropped 34.43 points, or 2.35%, to 1,432.36. The Nasdaq composite index fell 60.61 points, or 2.37%, to 2,500.64.

The U.S. Conference Board’s index of consumer confidence dropped in August to its lowest reading in a year, while a report from S&P/Case-Shiller showed house prices fell 3.2% in the second quarter compared with the same period last year. It was their worst decline in 20 years.