Markets are clawing back from opening lows this morning, as some negative corporate news conspired with weak U.S. economic data to hit stocks. Canadian economic data continues to signal real strength in the local economy, however.

The S&P/TSX index is down just six points at midday to 7,242. Volume is on the weak side again today at just 75.6 million shares, with buying overwhelming the selling by about five to two. Market breadth is more even, with losers holding a tiny edge over winners.

The techs and telecoms remain the source of trouble for the bulls, thanks to nagging earnings worries. And, there’s also been some selling in consumer stocks, utilities, health care and financials.

Against this, there is conspicuous strength in gold stocks, up about 3.4% again today. Real estate, energy plays and materials are making gains too.

Some early negative results in European telecoms started the day off on the wrong foot for those stocks. Telus is down about 4.6% so far today. Rogers Communications and Research in Motion are down notably too. ATI Technologies is bouncing back a bit from yesterday’s beating though, up 2%.

These woes also continue to hit financial stocks. And, lower earnings at Goldman Sachs is weighing on the sector, too. Bank of Nova Scotia is down more than 1% in active trading today. Royal Bank is down about 1% , despite announcing a buyback of 20 million shares. Bank of Montreal is down about 0.4%, and TD Bank is flat.

There isn’t much salvation in the insurance side either. Manulife Financial is taking a big hit, with its ongoing Indonesian woes also hurting that stock. It is down about 3.4% so far today.

Despite very strong retail sales numbers in Canada, Sears Canada is down 3.8% today, and Molson is weaker. There is also weakness in health stocks such as Biovail and Neurochem. However, Hemosol is up in active trading.

What’s holding up the market today? What else, golds. Safe haven buying is the one sure bet available today, with Barrick up 3.2%, and Placer Dome gaining 1.8%. There are also big gains in names such as Cambior, Bema Gold, Goldcorp, Meridian Gold, Glamis Gold and Newmont Mining.

Other gainers include EnCana, Macdonald Dettwiler and Onex.

In M&A news, Wheaton River Minerals has completed its previously announced acquisition of Minas Luismin, S.A. de C.V. for US$75 million in cash and 9,084,090 shares.

Also, Mosaid reports that its net loss for the fourth quarter was $3,186,000, boosting the net loss for the year to $24,686,000. This is compared with fiscal year 2001 net earnings of $7,002,000.

In New York the averages aren’t quite as sanguine. The weak economic news is weighing more heavily than in Canada. At midday the Dow Jones industrial average is down 55 points to 9,507. The S&P 500 has dropped six ticks to 1,014. The Nasdaq Composite index has surrendered another 12 points to 1,485.

Once again the concentrated strength in golds is giving some support to the small caps. The S&P/TSX Venture index is up five points at midday to 1,192. Volume is average at 16.4 million shares. Chapleau Resources is the day’s top trader, down 2¢ to 57¢ on volume of 1.35 million shares.