The stock market continues to display a split personality, with techs making gains and the rest of the market selling off. As a result, the S&P/TSX composite index is down 31 points to 8,357 at midday.

Traders continue to worry about the strength of the U.S. recovery and the prospect for corporate earnings.

They got a little more to worry about today as U.S. jobless claims were reported higher for the first time in a month.

Toronto volume remains very strong at 207.8 million shares, with the buying trumping the selling by a margin of almost three to two. However, market breadth continues to favour the bears, with losers outnumbering winners 58:53.

Most sectors are down today as traders take profits. However, the slides are not nearly as deep today as they were yesterday. Only the consumer staples group and energy stocks have fallen more than 1%. There is solid selling in financials, utilities, golds and miners. Against this tide of selling, techs are up 2%.

Nortel continues to do its best to prop up the market, following yesterday’s 20% gain with another 7% rally today. Again the volume is huge at 44.2 million shares, as investors applaud its big Internet telephony contract.

Following Nortel, there are also impressive gains in Celestica, ATI, Mitec Telecom, Wi-Lan, Sierra Wireless, and GSI Lumonics. Traders are trimming Research in Motion after its big gains. CAE and Creo are down, too.

The real weakness today is coming in the energy group, with Suncor Energy down 4.4% in active trading. EnCana has lost almost 2%, and there is selling in Stelco, Breakwater Resources, Petrofund Energy Trust, and Teck Cominco.

The financials are notably lower, too, led by a 1.8% slide in TD Bank. Scotia is 1.1% lower, followed closely by Bank of Montreal and CIBC. Amvescap is rallying in the asset manager group, as is Home Capital.

There is also lots of chair shuffling in the industry, with news that GMP Capital Corp. has named Stanley Beck as its first chairman, and former TD Securities chief Don Wright has been added to the board. Also, Bill Fulton has left the COO role at Rockwater Capital to join TD. He is being replaced by Rockwater’s president Stuart Raftus.

Elsewhere, Magna is enjoying a big 3.4% jump on news that Belinda Stronach may run for the leadership of the federal Conservatives, putting Magna founder and her father, Frank Stronach, back in charge of the auto parts firm.

Alcan is recovering a bit today. There is buying in Vasogen, but ConjuChem is down. Also, SouthernEra Resources is higher at midday.

In New York, the picture is a little brighter, with the Dow Jones industrial average gaining 40 points to 10k569, driven by strong results at Procter & Gamble. The Nasdaq has also gained 11 points to 2,089.

The small caps are following the U.S. market higher today, with the S&P/TSX Venture index up three ticks to 1,778. Volume is decent at 35.3 million shares. Canadian Imperial Venture Corp. is the day’s top trader, down 4¢ to 16¢ on more than 1 million shares.