TORONTO -- The Toronto stock market closed sharply lower Monday as strength in mining stocks courtesy of higher metals prices was more than offset by weakness in energy, financials and most other sectors.

The S&P/TSX composite index finished 64.25 points lower at 15,344.08. The loonie rose 0.47 of a U.S. cent to 82.64 cents.

New York markets also retreated as investors awaited earnings news from scores of major companies this week, including a report by Apple Inc., the world's biggest company by market capitalization, after the close.

When it did report, Apple (Nasdaq:AAPL), turned in another blow-out earnings statement that far surpassed analyst expectations, largely on continuing strong sales of its iPhone.

More than 61 million iPhones were sold in the first quarter, accounting for more than two-thirds of Apple's $58 billion in revenue and the lion's share of its $13.6 billion in profit. Apple's shares, up more than 60 per cent in the past 12 months, advanced $2.21 to US$132.49 in regular trading Monday, then added $2.05 to US$134.70 in early after hours trading following the earnings news.

The tech-heavy Nasdaq, which reached an all-time record high last week, lost 31.84 points to 5,060.25, while the S&P 500 gave back 8.77 points to 2,108.92 as it also pull back from its record high on Friday.

Meanwhile, the Dow Jones industrial average lost 42.17 points to 18,037.97 ahead of a two-day meeting of the Fed that begins Tuesday amid concerns that data this week will show the U.S. economy weakened in the first quarter.

American markets were initially higher, but then drifted lower, led by declines in health-care stocks. Mylan, a maker of generic drugs, slumped nearly six per cent, after rejecting a $40 billion buyout offer from Teva Pharmaceuticals.

Adrian Mastracci, portfolio manager at KCM Wealth Management in Vancouver, noted that U.S. indexes have had "a pretty good run-up, so not unusual for some profit-taking to be on the table."

But Mastracci warned against getting caught up in the day-to-day gyrations of the market. "Anybody that tries to make heads or tails of the markets as to what they're doing and which way they're going on a daily basis -- boy they have a tall order," he said.

"What I like to do is simply say if prices of stocks go up I sell a bit, if prices of stocks go down I buy a bit. I keep it simple."

In commodities, the June crude contract was down 16 cents at US$56.99 a barrel. The June gold contract rose $28.20 to US$1,203.20 an ounce and May copper rose two cents to US$2.77 a pound. The metals and mining sector was the leading advancer on the TSX, up 3.81 per cent.

In corporate news, the parent of Tim Hortons and Burger King missed analyst estimates for first-quarter revenue and adjusted earnings, but comparable store sales were up at both. Its stock closed down $1.45 or 2.87 per cent at $49.14.

With files from The Associated Press