North American stocks dropped again Monday, as falling commodity prices continued to waylay the Toronto market, and as worries over inflation, interest rates and a general slowdown in the U.S. economy depressed American markets.

The S&P/TSX composite index fell 193.12 points, or 1.70%, to 11,197.58, its lowest level for 2006, and putting the index in negative territory for the year.

Nine of the 10 TSX main sub-groups were down, with the energy sector giving up 3.10%.

Light, sweet crude oil for July delivery closed down $1.72 at US$70.36 a barrel.

Canadian Natural Resources Inc. fell $2.04, or 3.69%, to $53.26.

The materials index gave up 4.02%. Gold for August delivery fell $1.50 to US$611.30 an ounce.

The information technology group fell 1.68%. Nortel Networks was off a penny, or 0.41%, to $2.43.

The Canadian dollar jumped 0.60 of a cent to US91.05¢, its first close above 91¢ since 1978.

The resource heavy S&P/TSX Venture composite index plunged 105.45 points, or 3.97%, to 2,549.03.

In New York, the Dow Jones industrial average closed down 99.34 points to 10,792.58. The Nasdaq composite index fell 43.74 points to 2,091.32, its lowest level in about eight months. The S&P 500 Index dipped 15.90 points to 1,236.40.