By James Langton

(August 24 – 13: 15 ET) – Stocks are bouncing this morning after this morning’s report on U.S. durable goods suggests the U.S. economy is slowing, leading to a soft landing. The TSE 300 is up 56 points to 11,163. Volume is strong at 82 million shares, about 5:2 in favour of buyers. Advancers are out ahead of decliners 10:9.

As has been the case most of this week, market moves within sectors have generally been modest. Today the golds are fairly strong, as are mines and paper stocks. Most of the downside is quiet, with some selling in conglomerates and utilities.

Mines are strong on news that Falconbridge is taking action to bring mine strikes to an end. Metals prices are also supportive. Abitibi is leading the paper stocks higher, up 4%.

Among the financials, TD Bank is up a bit, but Bank of Montreal continues to take a few shots from skeptical traders.

Nortel Networks is up about 50 basis points. It is joined by buying in ATI Tech, Plaintree Systems

Rio Algom is trading heavily, but unchanged. Bombardier is active, too, although the price hasn’t moved much. Magellan Aerospace is also up strongly on no apparent news.

Heritage Concepts continues to trade strongly, up 7% on 7 million shares.

Dylex Ltd. is the name in the news today. This morning it announced a second-quarter net loss for the period ended July 29 of $36.5 million, or 71¢ per share, compared with a 56¢ loss a year earlier. The company also announced that CEO William Anderson will move up to executive chairman and Philippe Vanier had been appointed president and chief executive. The firm also announced plans to sell three of its units — Thriftys, Braemar, and National Logistics Services — to American Eagle Outfitters Inc. for $110 million in cash. The stock is up on the news.

In New York stocks have been moving up on optimism that the Fed is done. The volume has been light, but nonetheless the Dow is up 17 points to 11,161. The Nasdaq composite has gained 22 points to 4,032. The S&P 500 is up half a point to 1,506. Linux stocks, Internet names and semiconductors are strong. Oils are down on the feeling they’ve been overdone.

The CDNX is the lone loser, down a tick to 3,386. Volume is strong at 25 million shares. Mines and techs are up, while oils are pulling back. Aquarius Coatings is the top trader, up 50% on 3.3 million shares traded.