The benchmark index of the Toronto Stock Exchange plunged more than 400 points in a broad selloff on Wednesday, as economic worries and falling coal prices dragged down equities.

The S&P/TSX composite index fell 432.92 points, or 2.99%, to close at 14,034.11.

Each of the 10 main subgroups suffered losses.

The energy group and the resource-laden materials group led the TSX lower, dropping 3.07% and 4.8% respectively.

Shares of gold and oil producers were hit hard after posting a consistently strong performance in recent months, despite today’s price increases.

Crude oil for August delivery climbed US$2.60 to mark an all-time closing high of $143.57 a barrel on the New York Mercantile Exchange, after a U.S. government report showed that crude supplies fell last week.

Gold for August delivery tacked on US$2 to close at US$946.50 an ounce on the Nymex,

Coal producers fell hard as coal prices plunged in Europe and the United States. Units of Fording Canadian Coal Trust fell $15.80, or 16.2%, to close at $81.70.

The TSX financials group shed 2.16%.

The junior S&P/TSX Venture composite index fell 39.19 points, or 1.49%, to 2,596.59.

The Canadian dollar rose 0.61 of a cent to end at US98.68¢. The U.S. greenback lost ground after a private employment report showed that the U.S. economy suffered its biggest job loss in nearly six years

Private-sector firms in the U.S. lost 79,000 jobs in June, according to the ADP employment index. That bodes ill for tomorrow’s June payrolls report by the U.S. Bureau of Labour Statistics.

In New York, the Dow sank into a bear market as U.S. stocks fell on growing concerns about the toll that record oil prices are taking on the economy and corporate profits.

The Dow Jones industrial average tumbled 166.75 points, or 1.46%, to 11,215.51.

The S&P 500 lost 23.39 points, or 1.82%, to close at 1,261.52, while the Nasdaq composite index slid 53.51 points, or 2.32%, to end at 2,251.46.

Shares of General Motors fell more than 15% after Merrill Lynch downgraded the stock, saying the automaker will need US$15 billion to shore up liquidity.