North American markets recorded strong gains Thursday as investors cheered signs of an economic recovery.

The TSE 300 rose 42.29 points to 7,400.49.

Overall ten of the TSE’s 14 sub-indices gained ground, led by pipelines, financial services, oil and gas, and paper stocks.

Market momentum was positive with advances outpacing declines 550 to 511. Over 159 million shares changing hands.

Nortel Networks was the day’s most active stock. It fell 10¢ to $11.90 on 12.6 million shares.

Creo Products was the day’s number two trader. It soared 7% to $18.83.

Bombardier fell 45¢ to $13.71.

Rio Alto Exploration rose $1.27 to $21.25 on heavy volume of 6.4 million shares. The company, which was asked to comment on the high level of activity by the TSE, said there were “no recent corporate developments” to report. A story in the National Postsaid a takeover of Rio Alto by Anadarko Petroleum could happen within a week.

Venture capital stocks fared well today. The CDNX Index closed up 17.54 at 3,062.55. Trading was active on a volume of 33.0 million shares with 190 advances and 202 declines.

In New York, stocks rallied to close at their session highs Thursday as cautious optimism finally gave way to confidence in the final minutes of trading. U.S. orders for durable goods posted their biggest gain on record in October.

The Dow Jones industrial average finished up 117.56 points, or 1.2%, to 9,829.42. The Nasdaq composite index was up 45.28 points, or 2.4%, to 1,933.25, and the S&P 500 was up 11.69 points, or 1%, to 1,140.21.