Toronto stocks finished flat on Thursday following a session where the S&P/TSX composite index moved back and forth between positive and negative ground. The TSX benchmark closed up 7.50 at 6,557.57.

Some unsettling economic news from the U.S. added to Thursday’s volatility, as the Federal Reserve Bank of Philadelphia’s business conditions index dropped to -3.1, from 6.6 the month before.

Six of the 13 TSX sub-indices gained ground, led by a 5% surge for the gold sector and a 2.82% rise in the telecom group.

Barrick Gold Corp. $1 to $25 a share, while Placer Dome strengthened 87¢ to $14.36.

The information technology sector backed off 1%, with Nortel Networks losing 7¢ to $1.42. ATI Technologies slipped 28¢ to $9.46, while Celestica advanced $1 to $34.65.

Shares of Bombardier finished down 16¢ at $7.99, as U.S. rail operator Amtrak suspended its Acela Express trains, co-built by Bombardier, from service for the second time this week due to cracks in the trains’ suspension. Bombardier was by far the heaviest trader on the TSX, with 26 million shares changing hands

CAE rose 34¢ to $6.34, as bargain-hunters rushed in after a week of sharp declines, sparked by trouble in the U.S. airline industry.

Air Canada shares rallied late, recovering from early losses to rise 25¢ to $5.25 a share, after saying the possible bankruptcy protection of its main U.S. partner, United Airlines, should have no impact on its operations and urged its customers to keep booking flights.

Bank of Nova Scotia shares fell 76¢ to $49.20. There were reports that Argentine regulators had decided to sell Scotiabank’s troubled Quilmes subsidiary and its 91 branches to two smaller banks.

Winnipeg financial services company Assante Corp. reported a $5.7 million second-quarter profit, compared with a $3.1 million loss last year. Its shares were up 20¢ at $7.90.

Toronto volume was 147.7 million shares as advancers outpaced decliners 538 to 469, with 189 unchanged.

The junior TSX Venture Exchange edged down 2.78 points to 1,012.16.

In New York, the Dow Jones industrial average climbed 74.83 points to 8,818.14 while the tech heavy Nasdaq composite index added 10.82 points to 1,345.12. The broader-market S&P 500 index advanced 10.62 points to 930.24.

The Canadian dollar gained 0.12¢ to US64.08¢.