Toronto stocks sagged under broad-based selling Tuesday, driven lower by concerns over corporate accounting and weak economic data.

The Toronto Stock Exchange 300 composite fell 87.65 points to 7,470.98.

Market momentum was overwhelmingly negative as 630 issues declined, 463 advanced and another 189 were unchanged on a moderate volume of 184 million shares.

Overall, 10 of the TSE 300’s 14 sub-indexes were lower, led by a 2.8% dip in the tech-heavy industrial products.

Tech bellwether Celestica dropped closed $4.06, to $57.34, Nortel Networks shed 44¢ to $8.86.

Bombardier shares also closed lower, sliding 53¢ to $13.67.

Statistics Canada added to the negative tone on Tuesday when it said manufacturers’ shipments fell by 1.8% in December.

Toronto gold stocks reversed direction midway through the session to close down 2.5% after Germany’s central bank, the world’s second largest stockpiler of bullion, said it might sell some reserves.

Barrick Gold fell 90¢ to at $28.35, while Placer Dome Inc. gave up 80¢ to $18.

The financial services group fell 0.98%, while the metals and minerals group closed down 2.28%

Venture capital stocks also fared poorly Tuesday. The S&P/CDNX Composite Index closed down 15.68 at 1,116.95. Trading was heavy on a volume of 36.9 million shares, with 139 advances, 230 declines and 569 issues unchanged.

On Wall Street, stocks took a beating as investors couldn’t shake corporate accounting jitters. Among the companies stoking the accounting fires Tuesday were IBM; Nvidia and Pharmaceutical Resources

The Dow Jones Industrial Average finished down 159 points, or 1.6%, to 9,744. The Nasdaq composite index closed down 55 points, or 3.1%, to 1,750, and the S&P 500 lost 21 points, or 1.9%, at 1,083.

The Canadian dollar closed up 0.10¢ at US62.87¢, boosted by a bullish report from J.P. Morgan Canada’s chief economist. The report said the loonie should reach US72¢ by the end of next year.