Stocks are bouncing a bit this morning on news of another strong jobs report in Canada, even as the U.S. jobs data was disappointing. The news sent U.S. stocks lower, although they are now recovering a bit. At midday, the S&P/TSX composite index is up 21 points to 8,407.

Economists were surprised by Canada’s strong showing in December, adding more than 53,000 jobs as the unemployment rate dropped. U.S. market watchers were even more surprised, as it was reported that no jobs were created in the month, and previous gains were revised lower.

Toronto volume remains very strong at 201.2 million shares, with the buying swamping the selling by a margin of 26:11. Market breadth is much narrower, with winners holding a 57:53 edge on losers.

Stocks with large U.S. exposure are suffering today, dragging down the miners, industrials and real estate sectors. However, there is strength in the energy stocks, golds, techs and telecoms.

Energy stocks are leading the way higher today on expectations that supply shortages will boost prices. EnCana is up 1.3%, Canadian Natural Resources has added 2%, and Suncor Energy is up in decent volume, too. True Energy and Ensign Resources are making solid gains, too.

The miners are generally down on the two jobs reports today, with Alcan sliding 1.2%. Stelco, GerdauAmeri Steel, Cameco, and NovaGold are all down. However, Westaim, Pan American Silver and Constellation Copper are making gains.

Nortel continues to lead the volume parade, giving up just 0.3% of its recent gains in heavy trading of 34.8 million shares. The juice in techs is coming from other names, such as Telesystem International Wireless, which is jump 14% on news of strong subscriber numbers. Open Text and Rogers Wireless are also making heady gains.

Wi-Lan is down a bit, as is CanWest, and BCE has dropped a little in heavy trading.

Financial stocks are a mixed bag today. CIBC is stronger, up 0.8%, as is Bank of Montreal. However, Scotia, Royal Bank, TD Bank and Manulife are all lower in active trading.

In business news, Nova Scotia Power has appointed Ralph Tedesco as chief operating officer. He was the president and COO of New York State Electric & Gas.

VSM MedTech reports that it has made a number of senior management changes and formed a new customer services business unit. The result is a 10% cut in staffing, which will likely result in a total restructuring charge estimated at $496,000, consisting of severance and related costs. The charge will be taken entirely in the company’s first quarter.

In New York, the very weak jobs report has been weighing on stocks all day, as traders discount the economic recovery a bit. The Dow Jones industrial average is off its intra-day lows, but still sits 47 points lower at 10,545. The tech-heavy Nasdaq composite index is holding up better, with a nine point gain to 2,109.

The S&P/TSX Venture index is also making gains, up nine points, putting the index at the 1,796 level. Volume is improved at 40 million shares, led by Canadian Metals Exploration. It has added 13¢ to 62¢ on 1.9 million shares.