Indices across North America were pummeled today as unemployment numbers in the United States were three times higher than expected.

As well a number of tech companies, like disk drive maker EMC, surprised with profit warnings. All told, markets that had been quiet all week got knocked out of their stupor, and knocked down hard.

At the closing bell, the Nasdaq composite index was off 3.65% to close just four points above 2,000. The Dow Jones industrial average was off 2.17%, a 227 point drop, to 10,253. The S&P 500 was off 2.35% at 1,191.

The only upside was that selling volume was quite light. The other bit of “good” news: while TSE was down, it didn’t fare quite as badly as U.S. indices. It was off only 1.16% at 7,594.

The TSE decline was led by a 3.2% drop in the industrial products sub-index. Within that sector, Nortel Networkds dropped 87¢ to close at $12.13, and Celestica was down $5.05 at $66.78.

The financial services also suffered today dropping 1.1%. Overall nine sub-indices finished lower. On the upside, transportation led with a 1.3% increase.

Volume on the TSE was 105 million shares. The market trend was strongly negative with 564 issues declining and only 424 advancing.

A share buyback plan announced by Canadian 88 yesterday caused its share price to drop 12¢ per share. It closed at $2.48.

The CDNX was also down today, dropping eight points to close at 3,184. Even though the index was down, the market trend among individual issues was up with 203 issues advancing and 175 declining. Volume was 28.6 million.

Weak markets appeared to hit the loonie today. It dropped over three-quarters of a cent to close at US65.67¢.