TORONTO -- The Toronto stock market racked up further sharp losses Monday with resource stocks taking a hit from Chinese data indicating further weakening of the world's second-biggest economy.

The S&P/TSX composite index tumbled 159.67 points to 14,314.03 on top of a slide of almost two per cent last week.

The Canadian dollar declined 0.15 of a cent to 87.32 cents US.

U.S. indexes were mixed with the Dow Jones industrials down 17.43 points to 17,941.36, the Nasdaq gained 6.96 points at 4,787.72 and the S&P 500 index slipped 1.88 points at 2,073.49.

Oil prices retreated in the wake of data showing that China's exports rose by a weaker-than-expected 4.7 per cent, down from October's 10.6 per cent. Imports were forecast to post a small increase but instead contracted by 6.7 per cent from a year earlier.

China's economic growth slowed to a five-year low of 7.3 per cent in the latest quarter. The ruling Communist Party is trying to cool growth to a more sustainable level but cut interest rates last month in an apparent effort to reverse the deepening slowdown.

The Chinese trade data and a stronger American currency helped push January crude on the New York Mercantile Exchange down $1.19 to US$64.65 a barrel and the energy sector fell almost three per cent.

Crude prices have tumbled about 38 per cent since mid-summer on lower demand and a glut of supply, due in large measure to greatly increased production in the U.S. Midwest. Prices have also been depressed lately by OPEC's decision to leave production levels unchanged while Saudi Arabia last week cut prices.

The energy sector fell three per cent Monday in addition to a five per cent plunge last week as the price of crude settled at a five-year low.

Sharply lower crude prices were reflected in revised capital spending plans by oilpatch companies.

Precision Drilling Corp. (TSX:PD) said Monday that it's 2015 planning a $493-million capital budget for 2015, which will be down 44 per cent from what it's currently planning for capital expenditures this year. Its shares fell 29 cents to $6.56.

Vermilion Energy (TSX:VET) said its capital spending for 2015 will come in at $525 million, down 22 per cent from its planned 2014 spending. Its shares shed 41.17 to $47.82.

Elsewhere, Citigroup cut its rating for Canadian Natural Resources (TSX:CNQ) to neutral and its shares fell $1.13 to $36.01.

The base metals sector lost 2.25 per cent with March copper unchanged at US$2.90 a pound.

The gold sector was the only advancer, up one per cent while February gold gained $6.70 to US$1,197.10 an ounce.

Financials also weighted on the TSX, down 1.1 per cent as bank shares continued to fall back following a mixed bag of earnings reports last week.

On the merger and acquisition front, two Canadian wood product companies -- Norbord Inc. (TSX:NBD) and Ainsworth Lumber Corp. (TSX:ANS) -- plan to combine their businesses to create one of the world's largest producers of oriented strand board, a type of wood panel used for building homes. Norbord gained 49 cents to $24.45, Ainsworth jumped 22 cents to $3.20 and Brookfield dipped 41 cents to $56.47.