North American markets closed with modest gains ahead of employment reports from Canada and the U.S. due to be released Friday. The S&P/TSX composite index rose 10.29 points to 8,548.41 after Wednesday’s triple-digit loss.

Toronto market volume was 271.3 million shares worth $3.42 billion. Declines beat advances 699 to 571, with 197 unchanged.

Hopes are high for the U.S. employment report, with analysts expecting to see the U.S. economy crank out 180,000 jobs during the month.

In Canada, it’s expected the jobless rate will remain unchanged at 7.4% and job growth will come in at about 20,000 – about half the number created in December.

Information technology led advancers on the TSX, with Nortel Networks ahead 19¢ to $10.89 and Research In Motion up $3.87 to $118.53.

The gold sector rallied even as bullion faded $2.90 to US$398.10 an ounce in New York. Placer Dome rose 42¢ to $21.20 and Bema Gold was ahead 18¢ to $4.25.

The metals and mining sector rose, with Falconbridge up 65¢ to $30.30 after reporting net income of $194 million US for last year, up from $50 million in 2002 as nickel prices rose 40%. CEO Aaron Regent said the outlook for metal markets “looks very promising.”

Noranda, majority owner of Falconbridge, added 28¢ to $19.50.

Manulife Financial reported quarterly profits 15% higher than a year ago. The insurance and financial services company earned $428 million. Its shares rose 62¢ to $47.70.

CP Ships climbed 31¢ to $24.31 after reporting a quarterly profit of $41 million, up from $23 million.

Axcan Pharma’s profit rose to US$10.9 million, with revenue up 52% to US$57.6 million. Its shares advanced 59¢ to $25.49.

Suncor Energy said oilsands output was below target in January amid maintenance and cold weather. Its shares dipped 53¢ to $33.70.

Shaw Communications was 49¢ higher at a 52-week high of $22.86 after upping its cash-flow forecast for this year.

Shares Saputo rose 50¢ to $30.40 on quarterly earnings of $50 million, up 17.6% from a year earlier. Revenue rose $36.7 million to $892 million.

CIBC shares faded $1.45 to $64.80 after announcing that David Kassie has left its CIBC World Markets investment arm to “focus on other interests.” It has appointed Gerry McCaughey as his replacement.

Sun Life Financial shares were up 11¢ to $36.21 after the firm agreed to pay $351 million US in compensation and penalties over allegations the firm’s U.S. mutual fund subsidiary permitted improper trading.

The junior TSX Venture composite index slipped 11.16 points at 1,776.43.

In New York, the Dow Jones industrial average rose 24.81 points to 10,495.55. The tech-heavy Nasdaq composite index edged up 5.42 points to 2,019.56m and the S&P 500 climbed 2.09 points to 1,128.61.

The Canadian dollar fell 0.3¢ to US74.72¢.