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TSX little changed as tech stocks drop

TORONTO (Reuters) - Toronto's main stock index closed little changed yesterday with a fall by tech stocks offset by strength in commodities, as the market paused ahead of key data later this week.

"Based on yesterday's move, we're seeing a little bit of cooling off," said Youssef Zohny, associate portfolio manager at Van Arbor Asset Management.

"We have earnings seasons kicking off tomorrow, as well as some initial jobless claims out of the States, so I think the market is taking a pause ahead of that."

The S&P/TSX composite index finished 3.72 points, or 0.03 percent, higher at 12,501.72. Six of the index's main sectors were lower.

The market took its breather after reaching two-year highs on Tuesday as commodity prices surged on hopes the Federal Reserve would take steps to stimulate the struggling US economy.

The tech sector was the day's biggest decliner, falling 2.3 percent after several technology downgrades in the United States and as Research In Motion faced a new rival to its popular BlackBerry smartphones.

RIM closed down 4.2 percent at C$48.47 after Motorola announced the Droid Pro for business customers, its answer to a market dominated by RIM's BlackBerry.

Other sector heavyweights were up modestly, with materials ahead 0.56 percent and financials rising 0.12 percent.

Most gold miners, bolstered by record bullion prices, ended in positive territory. Barrick Gold rose 1.9 percent to C$49.08 while Goldcorp gained two percent to C$45.74.

The Canadians dollar climbed closer to parity with its US counterpart yesterday, hitting a five-month high as the greenback tumbled on expectations that the US Federal Reserve will soon begin printing more money to help support the flagging US economy.

A report yesterday showed that US private employers unexpectedly cut 39,000 jobs in September, raising concerns about the overall US September jobs report, due tomorrow.