By Jeff Sanford

(April 20 – 17:30 ET) – Markets across North America backed off some of the gains they made this week after central bank rate cuts. In the U.S., the Dow Jones industrials index fell 113.86 points to 10579.85, The NASDAQ composite index dropped 18.77 points to 2163.37. The S&P 500 slipped 10.72 points to 1242.98.

Here in Canada, the Toronto Stock Exchange 300 composite index fell 48.28 points to 8099.40.

The Canadian market was split between paper and forest products, merchandising and communications, which advanced, and media and consumer products, transportation and industrial products which fell. Heavy selling in the big name techs dropped the industrial sector 2.9%. Overall, nine of the 14 sub-sectors finished lower and five ended the day higher.

Among individual issues, the market trend was slightly positive, though, with 600 issues advancing and 515 declining. Volume was 153 million shares.

Nortel stock was heavily traded, today, after releasing its report of a $2.5 billion loss for the quarter, last night. It ended the day off 4.94% at $26.15.

One tech was up on the day. CGI which surged 8.19% to close at $7.79 after it announced a new $75 million contract.

Also up was JDS Uniphase on the heels of a brokerage report that suggested there may be renewed interest in the company’s products. It closed up 9.64% at $45.50.

The CDNX climbed, today, adding 26.57 points to close at 3056.06. That was on volume of 47 million shares. While 256 issues advanced, 211 declined.

The Canadian dollar continued to strengthen, today, rising 0.23% to close at US64.70¢.