Stocks in Toronto gathered strength later today, though not enough to push overall trading into positive territory. Bank stocks rebounded from weakness early in the day, though telecom and energy stocks didn’t fare quite so well.

On balance, six of the 10 Toronto Stock Exchange’s S&P/TSX composite index sectors finished higher, but overall the index finished down 10.40 points at 5,830.57. This was the fifth straight drop and the exchange’s lowest close since October 1998.

Royal Bank of Canada added $1.84, or 3.8%, to close at $50.74. Toronto-Dominion Bank rose $1.37, or 5.2%, to finish at $27.64.

Telecoms took the biggests hits, dropping 5.82% overall as BCE Inc. and Aliant Inc. issued warnings of weaker profits due to slumping revenues and lower IT spending. BCE fell $1.80, or 6.6%, to $25.51. Aliant dropped $1.62, or 5.9%, to $25.98. West Coast phone company, Telus Corp., slid 95¢, or 8.6%, to finish at $10.10.

The S&P/TSX Venture Composite Index closed down 20.46 points to 912.73. Trading was active on a volume of 26.0 million shares worth $6.3 million, with 96 advances, 211 declines and 578 issues unchanged.

South of the 49th parallel, stocks rose for the first time in five sessions. Markets benefited from the hope a dockworkers’ dispute on the American west coast will end after President Bush announced he will ask courts to reopen the ports. Retail stocks, such as Wal-Mart, jumped on news. Retailers depend on the ports for stock from Asia.

The Dow Jones industrial average closed up 78.44 points, or 1.06%, at 7,501.28. That number is down from a session high of 7,622.66. The Standard & Poor’s 500 Index finished up 13.20 points at 798.48. The Nasdaq Composite Index rose 9.59 points, or 0.86%, to 1,128.99.