Resource stocks pulled down the market in Toronto today. However there was some good news. Recently beaten up tech stocks rallied, and Federal Reserve Chairman Alan Greenspan calmed fears that a U.S. interest rate hike is imminent by testifying before the U.S. Senate that economic growth has not built up enough pressure to require a rate change.

Toronto’s S&P/TSX composite index closed down 29.93 points, or 0.35&, at 8,573.05 on a volume of 278.5 million shares worth $4.24 billion. Seven of the TSX’s 10 subgroups finished lower led by a 2.29% decline in the materials group.

The mining sub-group shed 4.05%, while golds lost 1.54% as base and precious metal prices slumped in the face of a stronger U.S. dollar. The energy sector fell 1%. Financials, industrials and health-care issues declined too.

On a positive note, the tech sector jumped 2.17%. Telecoms and utilities took the lead on that front. Motorola provided the major inspiration for a rally in the tech sector. The world’s second largest cellphone maker reported that its quarterly profit tripled based on building its market share in handsets.

South of the border the markets fared better. The Nasdaq Composite Index rose 17 points, or 0.86%, to 1,995.63. The S & P 500 Index climbed 5.97 points, or 0.53&, to 1,124.12. The Dow Jones industrial average gained 2.77 points, or 0.03%, to 10,317.27.