Stocks climbed higher on the open today following some strong earnings results. For the most part, they’ve managed to hold their gains through the morning. The S&P/TSX index is up 111 points at midday to 6268. Volume is robust at 98.2 million shares, with the buying ahead of the selling by about seven to two. Market breadth is also very bullish, with winners outnumbering losers more than two to one.

Strong earnings and sales forecasts in market leaders such as IBM, Advanced Micro and Nokia is boosting the market generally today. Techs are the biggest beneficiaries, up 4.4%. The financials continue to drive the trade though, up 2.4% today. And, there is strength in consumer stocks, industrials, materials and diversifieds. Golds are notably weaker, and there is a little selling in utilities and real estate too.

The banks are leading the index once again today. Bank of Montreal is up 3% on 1.7 million shares. there is also plenty of buying in TD Bank, CIBC, and Scotiabank. Royal Bank is trailing the bunch, up just 1.5%. Manulife is up 1.5% too, leading the insurers up. Amvescap has gained 8% for the fund manager group.

Techs remain a volatile group, and today they are big winners. Zarlink has gained almost 20%, and there are also big gains in Rogers Wireless, Descartes Systems, Creo, ATI, Ballard Power and Rogers Communications.

Other winners include EnCana, Masonite International, and Bombardier is up almost 7% on news that subsidiary Bombardier Transportation has received new orders in Europe and South America totaling approximately $54 million.

With the broad-based buying, golds are suffering. Placer Dome is own a little, but there are more substantial slides in names such as Glamis, TVX Gold, Echo Bay Mines, Kinross, Goldcorp, Meridian, Newmont Mining and Agnico Eagle.

In earnings news, TransAlta Corporation has recorded third quarter net earnings of $67.9 million, up from $41.4 million in the same quarter of 2001. Taiga Forest Products recorded earnings for the quarter of $6.6 million, compared with $1.1 million for the same period in 2001.

The bullish day is made unanimous with the S&P/TSX Venture index gaining six ticks to 906. Volume is weak once again today at 9.7 million shares. The top trader is Estation Network, with is flat at 1¢ on 1.15 million shares.

In New York, the market jumped immediately on the open, and has mostly been in the business of maintaining those gains trough the morning. At midday, the Dow Jones industrial average is off its intra-day highs, but is still up 193 points to 8229. The S&P 500 has gained 17 points to 877. The Nasdaq composite index is up 36 points to 1269.