TORONTO -- Canada's main stock index fell for a fourth-straight day on declining oil prices and gold hitting a low for the year, along with a hangover from the U.S. Federal Reserve's unwillingness to cut interest rates.

The S&P/TSX composite index closed down 91.87 points to 16,410.88, seven trading days after hitting a record high.

The decrease was driven by losses in six of the market's 11 major sectors, led by energy, health care, materials, and industrials.

Energy fell 2.6 per cent with Crescent Point Energy Corp. dropping 4.5 per cent as oil prices sank to the lowest level in about a month. The June crude contract was down US$1.79 at US$61.81 per barrel and the June natural gas contract was down 3.1 cents at US$2.59 per mmBTU.

Growing U.S. stockpiles and increasing oil production is offsetting the impact on prices from sanctions against Venezuela and Iran.

Sanctions caused oil to temporarily rise to about US$65 per barrel, said Allan Small, senior investment adviser at HollisWealth.

"Could oil get down to the high $40s, I think so. Above $65 is very hard for me to see with all the oil that exists in the marketplace and keeping in mind all the alternative forms of energy that are coming onstream."

Health care fell as several marijuana stocks lost ground. Materials was down a gold prices hit the lowest level since Dec. 24. The June gold contract was off US$12.20 at US$1,272.00 an ounce and the July copper contract was down 2.2 cents at US$2.78 a pound.

Industrials fell as SNC-Lavalin Inc. shares hit a 10-year low and Bombardier Inc. fell another 5.1 per cent after disclosing it is looking to sell its aerostructures businesses in Belfast and Morocco as part of a consolidation of its aerospace business into a single unit.

In New York, the Dow Jones industrial average was down 122.35 points at 26,307.79. The S&P 500 index was down 6.21 points at 2,917.52, while the Nasdaq composite was down 12.87 points at 8,036.77.

The U.S. central bank disappointed investors with its outlook, Small said in an interview.

"Investors in general were hoping to hear something about the possibilities of an interest rate cut and they didn't hear it yesterday and I think that spurred on some disappointment," he said.

The comments helped to pump up the U.S. dollar at the expense of the loonie. The Canadian dollar traded at an average of 74.28 cents US compared with an average of 74.54 cents US on Wednesday.

Small said Friday's U.S. jobs report will set the tone for the day and possibly salvage the week.

"If it's a strong number I think that could do well for the markets because I think the general fear out there is that the global economy is slowing and that the U.S. has been immune so far but at some point it's going to catch up to the U.S.," he said.

Ultimately, he said the announcement of a trade deal in the coming weeks between the U.S. and China would help the economy by prompting companies to spend again.

"If these tariffs are removed imagine what it does to us and Chinese corporations. I think it opens up a lot of possibilities."

Companies in this story: (TSX:CPG, TSX:SNC, TSX:BBD.B, TSX:GSPTSE, TSX:CADUSDX)