Stocks tumbled on Tuesday as U.S. consumer confidence sank to the lowest level in nearly eight years in October.

The TSE 300 finished today’s session down 70.93 points, or 1.03%, at 6,825.41.

Volume was moderate, with 98 million shares changing hands. Market momentum was overwhelming negative with declines stepping on advances 620 to 397.

Overall, 11 of the TSE’s 14 sub-indices gave up ground today. The only gains were among golds, pipelines and transports. Investors flocked to the safe haven of gold stocks, pushing that sub-index up 2.16%. Pipelines advanced 2.8%

The tech-heavy industrial products sub-index bore the biggest loss today, falling 2.91%. Metals and minerals fell 2.27%, while oil and gas shares fell 2.08%. The influential financial services sub-index posted a small of less than 0.5%.

Among active stocks, Bombardier plunged 11% to $10.14, dragged down by fears of a U.S. recession. CAE fell 5.8% to 7.35%.

Placer Dome led the golds with a 7% advance to $18.25. Barrick gained 10¢ to $24.95.

Manulife Financial shed 10¢ to $39.15 after announcing weaker third quarter results.

The big bank’s put in a mixed performance today. BMO recovered 25¢ to $33.05, while RBC gained 20¢ to $45.95. Scotia fell $1 to $43.60 while TD 16¢ to $35.49.

The CDNX Index closed down 18.54 points at 2,925.46. Trading was active on a volume of 31.1 million shares, with 169 advances, 202 declines and 576 issues unchanged.

In New York, news of slumping consumer confidence hit markets hard. The major indices and averages all shed between 1.5% and 1.9%.

The Dow Jones industrial average fell 147.52 points to 9,121.98. The S%P 500 slipped 18.51 points to 1,059.79. The Nasdaq composite dropped 32.11 points to 1,667.41.