The Toronto stock market tumbled more than 200 points at the open as commodity prices retreated amid earnings disappointments in the U.S..

The S&P/TSX composite index fell 213.87 points to 12,189.67.

The Canadian dollar reversed early losses as the Bank of Canada said it was keeping its key rate unchanged at one per cent while keeping intact language warning that it will raise rates at some point. The bank also notes it will consider the health of the household sector in setting monetary policy, something it hasn't done in previous interest rate announcements

U.S. markets were sharply lower in the wake of disappointments from Dow heavyweights DuPont and 3M.

The Dow industrials lost 159.75 points to 13,186.14, the Nasdaq was down 29.83 points to 2,9897.13 while the S&P 500 index fell 15.82 points to 1,418.

Oil fell $1.05 to US$87.60 a barrel.