Stock markets are moving higher Wednesday despite a weak report on U.S. durable-goods orders. At midday the S&P/TSX composite index is up 8 points to 6,848.

Orders for U.S. durable goods orders fell more than expected in April as the U.S. manufacturing sector continued to struggle.

Orders fell by 2.4% to US$168.93 billion last month, the largest monthly decline since last September, the Commerce Department said. The drop followed a revised 1.4% rise in March orders, which were previously estimated as a 1.5% increase.

Strength on the TSX is being led by information technology stocks. ATI Technologies is up 68¢ to $9.64.

In business news, Air Canada has arranged cost-cutting deals with all of its unions except its pilots. The airline said late Wednesday morning it had reached a tentative deal with its 6,700 flight attendants. Air Canada shares are unchanged at $1.70

Details of the deal with the flight attendants were not immediately available, but the company said in a press release that pension benefits will not be affected.

Shares of Inco are down 12¢ at $27.30 after contract talks between the nickel mining company and 3,000 unionized workers broke down.

Bombardier shares are up 10¢ to $3.90 after a $22 million order for regional trains. On Tuesday, Bombardier said its first-quarter profit plunged by 59% to $80.7 million as sales fell to $4.9 billion from $5.1 billion because of weak aircraft demand.

Bank of Montreal shares have inched up 4¢ to $41.04 after it said it will be selling mutual funds in China under an agreement to take a one-sixth interest in Fullgoal Fund Management.

Onex has gained 7¢ to $14.86 after it announced plans to invest $275 million in a controlling stake in Magellan Health, an American company in bankruptcy protection.

The TSX Venture Exchange is off 4.13 points to 1,080.23.

In New York, the Dow Jones industrial average is up 41.64 points to 8,822.99. The tech-heavy Nasdaq composite index has added 10.46 points to 1,567.15. The S&P 500 index has gained 4.57 points to 956.05.

U.S. stock prices climbed sharply higher Tuesday. The Dow Jones industrial average jumped 179.97 points, or 2.09%, to 8781.35. The Nasdaq Composite Index surged 46.60 points, or 3.09%, to 1,556.69, its highest level in almost a year.