Markets are backing off earlier gains at midday, but still remain up on positive economic news this morning. At midday, the TSE 300 is up 41 points to 6866. Volume is robust at 74.9 million shares, with sellers holding a 4:3 edge on buyers. The split between winners and losers is about even.

Techs are the strongest group today, bouncing back 3.7%. There’s also plenty of buying in the bank group, and gains in transports, pipelines and media stocks. Some of this strength is naturally creating weakness in golds. Paper stocks are also weak, and other sectors are little changed in either direction.

The big trader today is Bombardier, which is down just a little in very heavy trading. Bell Canada International, on the other hand, is down a lot on heavy trading. It has dropped about 23% on strong volume.

There ‘s also weakness in Astral Media, Telus, Shaw Communications, Extendicare and Cryocath. There’s weakness in Placer Dome and Barrick.

Leading the way back are techs and financials. Bank of Montreal, CIBC, RBC Royal Bank and Bank of Nova Scotia are all up in heavy trading. Manulife and Clarica are driving the insurance group higher too.

On the tech front, there are gains in Celestica, Nortel Networks, JDS Uniphase, Open Text, and C-Mac. Names such as Ballard Power, CAE and Cogeco Cable are up too. Other gainers include Air Canada and Baytex Energy.

The earnings news continues to roll on today, with Canadian Utilities reporting earnings for the nine months ended September 30, of $165.4 million, up slightly from $159.8 million.

Fortis had earnings for the third quarter of $11.7 million, up from $6.3 million for the third quarter of 2000. Also, O&Y Properties is renewing its normal course issuer bid.

In New York, early gains on the back of stronger-than-expected GDP results have now dissipated. The Dow is now down three points to 9119. Nasdaq is holding up better, it has gained 32 points to 1699. The S&P has gained four points to 1064.

The CDNX is boasting gains too today. It is up 13 points to 2938. Volume is very strong at 21.9 million shares, thanks to the debut of Crescent Point Energy, which has gained 300% to $1.00 on volume of 3.6 million shares; and heavy trading in Marine BioProducts, up 6% to 17¢ on just over 3 million shares.