Market action is light as traders pause to remember the terrorist attacks on the World Trade Center two years ago today. The S&P/TSX index has meandered just nine points higher to 7,580 at midday.

Volume is well off recent midday totals at just 116.9 million shares, with the buying ahead of selling by about three to two. Market breadth is slightly negative, however, as losers outnumber winners 53:47.

Techs and biotechs are rebounding today, after taking a pounding yesterday. But there are broader economic concerns with news of higher than expected jobless claims in the U.S., which dims hopes for the sustainability of the U.S. recovery. The U.S. trade deficit remains worryingly wide, while the Canadian trade surplus narrowed a little.

There is modest weakness in a broad selection of sectors, including financials, telecoms, utilities and golds.

Nortel continues to lead the trade, at midday it is up just 1.5% on 16.4 million shares. Celestica is joining the tech rebound, up about 3.5% at midday.

Biovail is up 4.2%, leading the biotech group higher. Other gainers include Air Canada, MI Development, Dundee, Major Drilling, Talisman and Nikos Resources.

One big winner is CoolBrands, which is up 6% on news that it will be bringing out low-carb ice creams under an agreement with Atkins Nutritionals Inc.

Bank shares are lower following remarks from Bank of Canada governor, David Dodge, on Wednesday. He suggested that interest rates won’t be going any lower. TD Bank is down 1%, Royal has dropped a bit, and Scotia is flat.

Shaw Communications, Microcell, QLT and Ballard Power are down in active trading.

Barrick is down 1.4% in heavy trading on news that it will delay a planned mine in Australia to address concerns from environmentalists and aboriginals. Agnico Eagle is down, too.

There is also weakness in Bennett Enviro, Queenstake Resources, Provident Energy Trust, and Ivanhoe Mines.

In New York, markets have been climbing much of the morning despite the weak economic data and the reminders of September 11. The Dow Jones industrial average is up 44 points at midday to 9,464. The Nasdaq composite index has recovered 10 points to trade at 1,834. The S&P 500 is up six points to 1,017.

The S&P/TSX Venture index has also added two ticks to 1,363. Volume remains fairly robust at 30.1 million shares. Nikos Explorations leads the trade, up 1.5¢ to 8.5¢ on almost 2 million shares traded.