The S&P/TSX composite index opened 85 points higher but changed direction within half an hour. By the close, the benchmark index had lost 279 points to 12,796 — its lowest level since the global turmoil in credit markets surfaced last August.

That brings the total loss in the index since the close of Monday to more than 900 points. According to Bloomberg, it's the steepest three-day decline in five years.

Every sector lost ground on Thursday. But once again, energy and other resource stocks led the sell-off.

The TSX energy sub-index was down 2.8 per cent as crude oil futures fell 73 cents to $90.13 US a barrel.

Canadian Natural Resources dropped $3.40 to $64.98.