Toronto stocks dropped Thursday, despite higher commodity prices, as investors sold off after the market’s recent highs.

The S&P/TSX composite index tumbled 150.88 points, or 1.23%, to 12,165.43.

Nine of the 10 TSX main sub-groups were down, with only health care registering a gain, 0.87%. Biovail rose $1.89, or 6.54%, to $30.80 CAD as the company reported a a very strong first quarter.

However, the financials sector gave up 1.86% as investors worried that higher commodity prices would spark inflation.

Royal Bank of Canada fell $1.15, or 2.47%, to $45.48.

The energy index fell 0.74%, despite the rise in crude oil futures to US$73.32, a gain of $1.19. Centurion Energy fell 37¢, or 4%, to $8.89.

The materials index fell back 1.24% even though the benchmark June contract for gold rose $15.80 to US$721.50 an ounce.

Barrick Gold Corp. fell 65¢, or 1.68%, to $38.00.

The Canadian dollar slipped 0.17 cents to US90.78¢.

The S&P/TSX Venture composite index bucked the day’s trend and gained 20.92 points, or 3,292.49, or 0.64%.

In New York, markets were down as investors worried over inflation and the rising price of commodities.

The Dow Jones Industrial Average ended down 141.92 points at 11,500.73. The Nasdaq composite index fell 48.04 points to 2,272.70, while the S&P 500 fell 16.93 points to 1,305.92.