It was the fifth-straight negative day for the TSX composite, the seventh in eight days, and the fifth day where losses surpassed 400 points.

The TSX Venture composite index was down 39.64 points, or 3.5 per cent, to 1,094.46.

U.S. markets suffered more proportionally than in Canada. The Dow Jones industrial average fell 508.39 points, or 5.1 per cent, to 9,447.11. The Nasdaq composite index declined 108.08 points, or 5.8 per cent, to 1,754.88. The S&P 500 was down 60.66 points, or 5.7 per cent, to 996.23 - the first time it has been less than 1,000 since 2003.

Oil prices were up for the first time in five days, but that didn't stop the energy sector from being the biggest drag on the TSX composite. Crude oil in New York rose $2.25 to $90.06 US a barrel.

The TSX energy index was down 6.3 per cent.

Financial stocks were also plunging. This sector's TSX measure declined 4.4 per cent.

The biggest dollar drop among TSX stocks with trading volume of a million or more shares was from Research In Motion Ltd., which was down $5.07, or 7.7 per cent, to $60.93. Its value has lost almost 40 per cent since reporting second-quarter results Sept. 25.

Gold stocks were one of the few strong groups on the TSX Tuesday. Gold prices rose in New York by $15.80 to $882 US an ounce.