By Jeff Sanford

(March 12 – 18:30 ET) – With plenty of negative earnings news and more announcements about layoffs in the tech sector rolling in, investors had no reason to buy today and major indices crashed through what were thought to be well-established bottom levels.

The TSE 300 tumbled 205.21 points to 7,930.30, a drop of 2.52%. The market trend was strongly negative, as decliners surpassed advancers, 749 to 393. Volume, though, was relatively light at 136 million shares.

Today’s loss was led by a 4.96% drop in industrial products, a 3.15% drop in consumer products and a 2.74% drop in financial services. Communications, conglomerates and oils were all down over 1%. Of the TSE’s 14 sub-indices, only one finished higher. Golds climbed 1.06%. Transportation remained unchanged.

Among the tech issues, Nortel Networks fell 7.01% to $25.75, C-Mac dropped10.56% to $31.75, JDS Uniphase tumbled 12.83% to $36 and Research In Motion slid 7.68% to $57.61.

Financial stocks were also heavily sold. Bank of Nova Scotia slipped 2.96% to $40, Bank of Montreal slid 2.63% to $38.26, and Royal dipped 2.94% to 46.25.

Losses at CIBC and TD were greater, CIBC was off 3.77% at $48.55, and TD was off 4.07% at $40.31. Sun Life fell 5.84% to close at $30.32.

In consumer products, QLT Inc. was off 11.53% to $33.90.

Among today’s short list of winners, United Dominion, an industrial parts maker, received a windfall in the form of a 14.21% gain after SPX Corp., announced a deal to buy the company. United Dominion, the second most heavily traded issue of the day, closed at $34.

The CDNX was also hit today, finishing the day off 50.51 points at 3,083.99 on normal volume of 42 million shares. Market breadth was decidedly negative, with 360 issues declining and only 169 advancing.

The loonie slipped 0.31% today at US64.49¢ U.S.

In New York, the story was much the same. All major indices were heavily sold today, with the Dow Jones industrial average falling 436.37 points to 10,208.25, a decline of 4.10%.

The Nasdaq composite endured another bloody trading session, finishing off 128.28 points at 1,924.50, a decline of 6.25%. The S&P 500 dropped 53.24 points, to 1,1800.16 at 4.32%.