TSX Drops 1.2% As Valeant Continues To Reel -- Canadian Commentary

(RTTNews) - Canadian stocs tumbled Monday as resource producers came under heavy pressure along with beleagured health care major Valeant.

Trimming last week's gains, the S&P/TSX composite index dropped 162.76 points, or 1.2%, to close at 13,790.90.

Valeant (VRX.TO) shares dropped 4.8 percent, but managed to finish well off the lows of the session. The company wants the SEC to look into the research firm that issued a scathing report on Valeant last week.

Energy stocks plunged 2.3 percent as crude oil prices fell further.

Dec. oil settled at $43.98/bbl on Nymex, down 62 cents, or 1.4%.

Gold stocks lost 3.3 percent, with traders looking ahead to when the Federal Reserve gathers mid-week in Washington.

They are widely expected to keep rates at zero, but may signal a modest rate hike is in the card for December.