Markets are rebounding today, ignoring some weak retail data on both sides of the border. At midday, the S&P/TSX composite index is up 66 points to 6,294.

Volume is a bit better today at 90.4 million shares, with the buying doubling up on the selling. Market breadth is also positive, with winners outpacing losers by a five to four margin.

Big rebounds in Europe helped spark today’s rally,

The volatile tech stocks are enjoying the bulk of the bounce back, with a 3% gain. Celestica is leading the tech group higher with a 6.7% gain in its stock. It is joined by strong gains in Research in Motion, ATI and Ballard Power.

There is also lots of buying among the financials, golds and consumer stocks. Only energy stocks and telecoms are down a little.

Yesterday’s beaten up banks are back off the mat today. CIBC has gained 2.5 % in active trading, as has TD Bank. There is strength in Royal Bank, Scotia and Bank of Montreal. Manulife is powering the insurers higher, too, with a 2.3% gain. Fairfax Financial is up 5%.

Rogers Communications, Cogeco Cable and PanGeo Pharma are up. And, there are gains in CHC Helicopter, Barrick and CoolBrands International.

Energy stocks are the only real losers, dropping behind EnCana, which is down 0.7%. Petro Canada, Ketch Resources and Southwestern Resources are down, too.

Newmont Mining, Dalsa and Royal Group Tech are also weaker.

In M&A news, Canadian Natural Resources has spent US$36 million on additional North Sea oil fields.

In New York, stocks have been higher all day following the rebound in Europe. The Dow Jones industrial average is up 123 points at midday to 7,675. The S&P 500 is up 12 points to 816. The Nasdaq composite index has gained 25 points to chin itself back up over the 1,300 mark to 1,304.

The small caps aren’t nearly so jolly today, with the S&P/TSX Venture index dropping three ticks to 1,058. Volume is still on the light side at 16.7 million shares. Strongbow Resources is the day’s top trader, up 2¢ to 36¢ on 810,000 shares.