Stocks in Toronto burst out of the gate today, making big gains over last week’s losses. Low prices, a stronger Canadian dollar and some good news on the earnings front made today a prime bargain-hunting day.

The Toronto Stock Exchange’s S&P/TSX composite index finished up 173.13 points at 6,483.07. Another accounting scandal, south of the border didn’t dampen investor enthusiasm. They turned a blind eye to news that U.S. phone company, Qwest Communications, misstated $1.16 billion in sales.

Overall, nine of the 10 TSX sectors gained during the session. Bank stocks led the way, gaining 2.6%. Next came the battered information technology sector which jumped 7.55%.

Telus Corp., Canada’s number two phone company, jumped $1.30, or 21%, to $7.40. It reported a stronger than expected second-quarter profit and reaffirmed its prediction for a positive cash flow next year. This was a boost for BCE Inc. which climbed $1.00 to $25.30.

The S&P/TSX Venture Composite Index closed up 3.29 at 998.19. Trading was moderate on a volume of 21.6 million shares worth 6.5 million dollars, with 182 advances, 153 declines and 499 issues unchanged.

South of the border the Dow Jones industrial average added 447.49 points at 8,711.88. Today’s gain marked the third-best one-day point gain ever.

Over at the NASDAQ composite index, it was also a good day. That index added 70 points. The Standard & Poor’s 500 index advanced 46.12 to 898.96. It seems investors less concerned about corporate bookkeeping.