The bulls and bears more or less fought to a draw Wednesday, with the S&P/TSX index settling out with a four-point slide to 6836.2.

Volume was quite strong, as 254.2 million shares changed hands. The buying volume held a slight 13:11 margin on the selling action. Market breadth was almost dead even, with losers holding a narrow edge on winners.

On Wednesday, safety plays were sold off and speculative buyers were out shopping. The only economic data, U.S. durable goods orders, was weaker than expected. But the market shrugged it off, perhaps blaming the weakness on the war. Although economists are warning it could signal fundamental weakness in the U.S. recovery.

The tech group led the way higher, gaining 1.7% on the day. Health care stocks and consumer discretionary names were improved too. Golds were the big source of weakness, dropping almost 3%, as traders looked for more aggressive plays. Utilities and materials stocks also sold off a bit.

ATI led the tech group higher, adding 9.7% on strong volume of 5.3 million shares. It was joined by strength in CAE, Royal Group Tech and GSI Lumonics. Nortel dropped 1% in heavy volume.

There was also strength in Inco, which gained 1.2%. Biotechs were stronger, with QLT leading the way higher. But, there was selling in the sector too, with weakness in Patheon, Oncolytics Biotech, Biomira and Lorus. Rothmans was up again, too.

On the downside, traders were dumping their golds. Barrick lost 3% Wednesday. Iamgold, Glamis Gold and Agnico Eagle all slipped, as did the metal.

The financials were active traders today, and the trust securities based on their operations also had a very heavy day. The TD Capital Trust, for example, gained almost 6% on 29.7 million shares traded. The same vehicles for RBC and Sun Life were heavily traded, too. As for the banks themselves, Royal Bank, Scotia, TD and Bank of Montreal all saw small slides on the day. CIBC was higher, though. Fairfax Financial continues to thrash around, gaining 11% Wednesday.

The energy sector was also mixed in active trading. Gains came in Resolute Energy and Corriente Resources. EnCana was a bit lower, as was Ventus Energy. TransCanada slid a little, too. But the big loser was Ivanhoe Enrgy, which lost 36% on news that discussions have been terminated between Qatar Petroleum and Ivanhoe. They were negotiating an agreement to develop a block in Qatar’s North field.

In other business news, negotiations between Air Canada and its unions have concluded with tentative agreements reached with all its unions except the Air Canada Pilots Association. The pilots’ union is considering the company’s last proposal. Air Canada now has deals with its ground service personnel, flight attendants, and flight dispatchers. The stock enjoyed a small gain on the news.

Also, Air Transat said it has a new labour deal with its pilots and flight engineers.

In M&A news, Vivendi Universal has closed the sale of Comareg to the France Antilles group for 135 million euros. The transaction was approved by the French competition authority.

In earnings news, Dorel Industries says that it is maintaining its guidance for earnings per share between US$2.45 and US$2.56 for 2003. Its first quarter earnings rose 22.4% to US$19.2 million.

In the U.S., traders shrugged off the weak durables data and was cheered by the news that more fiscal stimulus is on the way with the latest tax cuts taking retroactive effect today. The Dow finished 11.8 points higher at 8793.1, the S&P 500 gained 1.7 points to 953.2, and the Nasdaq added 6.6 points to close at 1563.2.

The S&P/TSX Venture index followed the big TSX with a small slide, dropping 5.7 points to finish at 1078.6. Volume was decent at 39.4 million shares. Cardiocomm Solutions led the day’s trading, finishing down a penny to 13¢ on 3.2 million shares traded.