North American markets failed to cover their losses from Monday, but still posted solid gains thanks to strong performances from financial shares on Bay Street and oil stocks on Wall Street and from technology stocks on both sides of the border.

At close, Toronto’s S&P/TSX composite index was up 59.71 points or 0.62% at 9728.03 after falling 73 points Monday. The TSX Venture Exchange slipped 1.04 points or 0.05% at 1994.81 after touching 2000 during Monday for the first time since the junior market’s index was rejigged at 1000 in late 2001.

On Wall Street, the Dow industrial average gained 63.77 points or 0.59% at 10830.00 after sliding more than 75 points on Monday. The tech-heavy Nasdaq climbed 19.53 points or 0.95% to 2071.25 as the tech sector benefited from an upgrade of Intel Corp. by JPMorgan Chase & Co. to “overweight.” The Standard & Poor’s 500 index added 6.81 points or 0.57% to 1210.41.

The Canadian dollar dipped after the Bank of Canada again decided to leave interest rates unchanged – and signalled it will be a while before it moves them up. The currency was down 0.48 of a cent at US80.59¢ as Canada’s central bank left its key rate at 2.5% to cope with an economy that has weakened in recent months as the higher currency damaged export-related industries.

In Toronto, the TSX was led by another set of positive earnings from the banks, which helped push the heavyweight financials group up 0.85%. Bank of Nova Scotia added 30¢ or 0.75% to $40.30 after the company reported its first-quarter earnings rose 15% to a record $788 million. Almost all of the TSX financial sub-group was up.

Tech shares also gave the TSXa boost. They were up 3.68% as a whole, thanks in part to positive outlooks from Wall Street analysts. Energy stocks added 0.03% even though the price of oil slipped. A barrel of light crude was quoted at US$51.60, down 15¢, on the New York Mercantile Exchange.

On Wall Street, the falling oil prices and a broker upgrade of the semiconductor sector pushed stocks higher.

Technology shares climbed as both J.P. Morgan Securities and Lehman Brothers upgraded the chip sector. Morgan cited “a more bullish view” of the industry. Technology shares have lagged as other stocks moved up last month, and investors greeted the news as a sign that the recovery was finally spreading to the tech sector.

Some investors awaited Federal Reserve Chairman Alan Greenspan’s testimony before the House Budget Committee on Wednesday, hoping that the Fed chief’s assessment of the economy will further boost stocks.