Markets are rallying again today, as traders feel hope for economic recovery.

At midday, the TSE 300 is up 67 points to 6,971. Volume is on the light side at 71.5 million shares, with buyers holding a decisive five to two edge on sellers. Market breadth also favours the bulls, with winners outpacing losers seven to five.

On a sector basis there’s also broad strength, with rallies in miners, conglomerates, energy, industrials, transports and utilities. The financials are up a little, with strength in the fund companies overcoming weakness in banks. Gold is the only sector that’s down, as traders poke their heads from its safety.

Techs are strong today, after good words from Dell cheered that sector. Celestica is leading a rally, up 7.5% on more than 1 million shares. Good old Nortel Networks is along for the ride too, up 2.4% on more than 5 million shares.

MGI Software is rallying hard, up better than 30%, although there’s no news from the company yet. GT Telecom, Exfo Electro, ATI, BCE Emergis, Tundra Semi and Ballard Power are all up nicely.

There are also more modest gains in names such as Stelco and Bombardier, off recent lows. C.I. Fund Management is leading the fund companies higher, up better than 6% today.

On the downside, the banks remain weak. Bank of Nova Scotia and Royal Bank are both down marginally in active trading. National Bank is particularly weak, off 2.3%.

There’s also weakness in names such as Fairmont Hotels, Microcell, Angiotech, Research in Motion, TransCanada Pipelines, TransAlta, Dupont, Nexfor and Air Canada.

In earnings news, BCE subsidiary, Telesat Canada, is reporting a 6.7% increase in revenue and a 20.7% increase in earnings from operations over the third quarter of 2000.

Maax has released its financial results for the second quarter ended August 31, revealing that net income rose to $6.6 million or 28¢ per share, compared with $8.1 million or 34¢ one year ago.

724 Solutions Inc. is warning its revenues for the third quarter will be lower than expected, and it is calling for a pro forma loss per share of 28¢ to 30¢ for the quarter. It also anticipates taking a writedown of intangible assets, primarily goodwill, in the third quarter. It plans to reduce its global work force by up to 350 employees in the fourth quarter, taking a one-time cash restructuring charge of $11.0 million to $13 million, and a non-cash restructuring charge of $5 million to $6 million in the quarter.

Also, Sun Life Financial Services of Canada has closed the sale of 11 million common shares at a price of $30 per share. This transaction raised $330 million, which is to be used as a portion of the financing for the acquisition of Keyport Life Insurance Co. and Independent Financial Marketing Group Inc.

In New York, the market’s direction has been similar, although the volume is more convincing. The Dow is up 46 points to 9,169. The big winner is Nasdaq, gaining 53 points to 1,634, on strong guidance from Dell and Cisco Systems. The S&P is up nine points to 1,082.

The CDNX is up today too, gaining six points to 2,838. Volume is stronger at 13 million shares. Techs are leading the way back, with some help from miners and minimal opposition from oils. Odaat Inc. is the top trader, up 25% to 5¢ on 459,000 shares.