Markets opened the day filled with optimism, but selling pressures quickly returned to dominate today’s trading.

Today’s report on U.S. GDP showed that while the U.S. economy managed to avoid a recession, it grew by just 0.2% in the second quarter. That was enough to send the TSE 300 closed down 84 points to 7,495.30.

Volume was weak at 106 million shares, and market momentum was negative with declining issues surpassing advances 594 to 453.

The selling was broad-based, with 10 of the TSE’s 14 sub-indices posting losses. Consumer products showed the strongest gains, advancing 1.24%. Golds, real estate and forest products also advanced.

The industrial products sub-index, home to tech stocks, suffered the biggest loss, falling 2.24%. Other noticeable losers included communications and media, metals and minerals, and financial services.

Among the day’s most active issues, investors gave mining firm Boliden a thrashing today. The stock plunged 25%, shedding 11¢ to close at 32¢ on a staggering volume of nearly10 million shares.

Nortel Networks, usually the day’s top trader, was left in the dust mustering up a volume of just 4.2 million shares. Nortel slipped 59¢ to $10.06. Another tech loser was Celestica, which slipped 73¢ to $58.99. Analyst downgrades in the U.S. continue to hamper the techs.

Although most of the big names in financial services ended the session lower, Bank of Nova Scotia managed to add on 15¢ to close at $49.15. BMO, Royal, CIBC and TD all posted losses on the day.

Laurentian Ban, posted higher third quarter profits with revenues up 31%, partly due to the purchase of Scotiabank branches in Quebec. Laurentian shares rose 48¢ to $31.83. Bank shares were heavily traded during today’s session.

Among insurers Manulife slipped, while Sun Life rose 5¢ to $38.05.

Other losers today include Future Shop, down 11¢ to $16.65, and BCE down 61¢ to $38.89.

Today’s winners were a mixed bag including Biovail, up $3.85 to $72.50, Sobey’s, up $1.25 to $26.50 and Imperial Oil, up $1 to $42.78.

The Canadian Venture Exchange also suffered losses. The CDNX index slipped 18.58 to 3,029.48. Volume was 25.8 million shares, with 163 advances, 187 declines, and 555 issues closing unchanged.

In New York, markets opened higher and then quickly crumbled as the lack of reasons to buy became readily apparent. The Dow Jones industrial average fell 131.13 points to 10,090.90. The Nasdaq composite index shed 21.81 points to 1,843.17. The S&P 500 slipped 12.95 points to 1,148.56.