Concern over improved economic performance in the U.S. and a possible rise in interest rates, as a result, continues to plague North American markets Wednesday.

It led to a broad-based decline in Toronto stocks today. The Toronto Stock Exchange’s S&P/TSX composite index closed down 123.46 points, or 1.41%, at 8,640.12, losing more than 100 points for a second consecutive day.

The Bank of Canada lowered its overnight rate by a quarter of average point to 2% on Tuesday, but many analysts think that cut was the last we’ll see for awhile. Meanwhile, the prospect of higher U.S. interest rates spooked the market, sending all of the TSX’s 10 subgroups down. Market momentum was strongly negative with 1,006 declining stocks and only 308 advancing issues.

The heavyweight financial services sector led the decline, falling 1.88% as all the big banks posted declines. Royal Bank of Canada fell $1.15, or 1.79%, to $63.20 while Toronto-Dominion Bank dropped $1.03, or 2.19%, to $46.02. C.I. Fund Management shares fell despite strong third-quarter profits. C.I. slid 31¢, or 1.99%, to $15.29.

Gold-mining stocks extended declines today as bullion prices remained under adverse pressure from a rallying U.S. dollar. The gold sub-sector slid 1.86%. The mining sub-sector of materials also dropped, shedding 2.6%.

The energy, telecoms, and utilities groups also fell more than 1%.

The S&P/TSX 60 index fell 7.11 points, or 1.46%, to 479.87. The Canadian Venture Exchange fell 24.66 to 1,788.89.

In New York stocks were also hard hot again. The Dow Jones industrial average fell 3.33 points, or 0.03%. The Nasdaq composite index dropped 5.23 points, or 0.26%, to 2,024.85. The S&P 500 Index slid 1.27 points, or 0.11%, to 1,128.17.