Resource stocks dragged the benchmark index of the Toronto Stock Exchange lower on Tuesday as the price of oil and other commodities retreated.

The S&P/TSX composite index plunged 186.89 points, or 1.7%, to finish at 10,570.54.

The materials group plummeted 3.5% as gold, silver, and other commodities dropped in price. On the Comex division of the New York Mercantile Exchange, August gold futures fell US$14.40, or 1.5%, to US$939.10 an ounce.

The sub-gold index dropped 4.3%.

Shares of Barrick Gold Corp. fell 4.1% to $36.26 and Agnico-Eagle Mines Ltd. dropped 5.4% to $58.25.

Goldcorp Inc. plummeted $2.57, or 6.2%, to close at $39.00.

Also lower was Kinross Gold Corp., down 6.2% to $20.55, and First Quantum Minerals Ltd., down $1.76, or 2.6%, to $66.40.

The energy group shed 1.9% as the price of oil and natural gas dropped. Crude for September delivery dropped US$1.15 to US$67.23 a barrel on the New York Mercantile Exchange.

Suncor Energy Inc. slipped 2.3% to $34.73 and EnCana Corp. dropped 3% to $56.89.

Shares of Husky Energy Inc. fell $1.12, or 3.3%, to $32.53.

Petro-Canada finished at $44.34, down $1.18, or 2.6%.

Financial stocks declined by 1.3% on Tuesday.

Toronto-Dominion Bank fell 1.7% to $62.15 and Bank of Nova Scotia shares dropped 2% to $45.20.

CIBC’s stock plunged $2.20, or 3.3%, to close at $65.00.

Shares of Rogers Communications Inc. tumbled 4.9% after the company reported second-quarter net income of $374 million, beating analyst expectations, but reduced its sales projections for this year. Rogers’ stock closed at $29.45, down $1.53.

The drop sent the telecommunications group down 1.9% on Tuesday.

Health care stocks comprised the only main group on the TSX to finish the day in positive territory, edging up 0.1%.

Junior stocks on the TSX Venture Exchange also declined Tuesday, sending the S&P/TSX Venture composite index down 18.93 points, or 1.7%, to close at 1,128.11.

The Canadian dollar retreated for the first time in a week, losing 0.17 of a cent to close at US92.33¢.

In New York, U.S. stocks recovered from earlier losses, but still finished mostly lower after a report showed that U.S. consumer confidence declined by more than expected in July.

The Dow Jones industrial average fell 11.79 points, or 0.1%, to end at 9,096.72.

The S&P 500 index lost 2.56 points, or 0.3%, to finish at 979.62.

The Nasdaq composite index rose 7.62 points, or 0.4%, to close at 1,975.51.

IE