The Toronto Stock Exchange’s main index closed lower on Wednesday with all but one of major sectors posting losses.

The S&P/TSX composite index closed down 229.38 points, or 2.27%, at 9,887.20.

The retreat follows a 4% rise on Tuesday and a 5% rise last week.

The energy groups sank 3.5% after oil prices fell by more than $5 a barrel as U.S. stockpiles of fuel grew. Energy demand has declined as the U.S. economy has slipped toward recession.

On the New York Mercantile Exchange, the price of crude oil for December delivery dropped by US$5.23 to settle at US$65.30 a barrel.

Suncor Energy Inc. fell 3.3% and EnCana Corp. fell 0.8%.

Gold mining stocks roses despite the price of gold falling nearly US$12 an ounce to $742.40.

Goldcorp rose 6.2% to $26.78, and Barrick Gold climbed 1.4% to $29.36.

The overall materials group was down 1.9%, but fertilizer producer Agrium Inc. gained 0.4% to $46.18 after it reported a quarterly profit that topped analysts’ expectations.

Among financials, Royal Bank of Canada fell 1.9% and Bank of Montreal fell 4.4%.

The junior S&P/TSX Venture composite index fell 23.85 points, or 2.45%, to close at 951.42.

The Canadian dollar ended its winning streak. The loonie fell 1.25¢ to close at US85.62¢.

In New York, U.S. stocks plunged a day after Barack Obama’s victory in the U.S. presidential election, as a fresh batch of dismal data renewed worries about the
health of the U.S. economy.

One report showed deep cuts in employment by private employers in October, while another showed the U.S. sector contracted sharply last month.

The Dow Jones industrial average slid 486.01 points, or 5.05%, to 9,139.27. The S&P 500 Index plunged 52.98 points, or 5.27%, to close at 952.77. The Nasdaq composite index fell 98.48 points, or 5.53%, to 1,681.64.

The drop marked Wall Street’s biggest loss ever on the day after a presidential election, coming immediately on the heels of its biggest election day rally on record in the previous session.