The major market gauges are making modest gains through a divided trading session Friday. The S&P/TSX composite index is sitting on a 25 point gain to 8,449.

The only economic data out today was released in the U.S., and it was a bit mixed. In Canada, traders are weighing the likelihood of a rate cut from the Bank of Canada next week.

Toronto volume remains very strong, with 210 million shares traded so far today. The volume favours the bulls, with buyers outpacing sellers by about 10:9. Market breadth is also constructive, as winners outnumber losers by a six to five margin.

Techs are leading the way higher, jumping 2.8%, partly inspired by strong earnings this week from General Electric, IBM and others.

Golds are recovering a bit from their recent thumping, up 1.3% today. There are also gains in health care, materials, and a financials.

Consumer staples and energy stocks are the weak points in today’s trade.

Nortel is leading the bullish charge once again today, jumping 4.6% in heavy trading of 19.2 million shares after GE turned in stronger than expected results. Celestica has rallied 6.6% on similar sentiment, and there are gains in Research in Motion, JDS Uniphase, Exfo Electro, Sierra Wireless, Xillix Tech, Cedara Software and Mitec.

Biotechs are making gains, too, led by big jumps in ConjuChem and Neurochem.

Other winners include banks, led by a 0.5% rise in TD Bank, and a 0.3% gain for Bank of Montreal.

Placer Dome is leading a recovery in gold stocks, although there is still weakness in Rio Narcea Gold, and Northern Orion Resources.

Shoppers Drug Mart is posting a solid advance, too.

Weighing against this is serious weakness in Molson. The big brewer has lost more 13% on news that its earnings are coming in weaker than expected, partly due to a drag from its new Brazilian unit.

Alcan is down a bit on news that it has created a new management team and management structure following completion of the Pechiney transaction. And, the firm is being sued by the District of Kitimat to stop it from selling electricity from its Kemano power plant.

Energy stocks are generally lower, with Suncor down more than 2%. EnCana, Peyto Energy Trust, Pengrowth, and Petrofund are all down. Although, Canadian Superior Energy is up at midday.

Other losers include BCE, Thomson, Inscape Corp., and Wolfden Resources.

In New York, stocks opened higher on the stronger economic news, but traders are pulling in their horns throughout the day, possibly in anticipation of a three-day weekend in the U.S. The bond market closes early today and traders are off on Monday for Martin Luther King Jr. Day.

The Dow Jones industrial average is up nine ticks at midday to 10,563. The Nasdaq composite index has added 17 points to 2,126.

The S&P/TSX Venture index is little moved today, up just a point to 1,747. Volume is off recent highs at 35.1 million shares. Venga Aerospace is leading the trade, up just 0.5¢ to 3¢ on almost two million shares traded.