Today’s upbeat U.S. jobs report has sparked a rally in stocks. Although the U.S. unemployment rate rose to 5.7% in March, companies added 308,000 new jobs, the fastest rate in four years.

Investors see the report as evidence that the U.S. economy is finally creating new jobs.

At midday, the S&P/TSX composite index is up 114 points to 8,765, led by gains in technology and industrial shares.

The information technology group is up 2.3%. Sierra Wireless is ahead $5.86 to $53.04 after it raised its earnings and revenue guidance Thursday. Nortel Networks has added 23¢ to $8.23.

Industrials stocks are up 1.68%. Canadian Pacific is up 65¢ to $32.20, while Bombardier is ahead 7¢ $6.17.

The lone weak spot is the gold sector, which is down 1.27%. Kinross Gold is off 17¢ at $9.61.

Shares in Quebec-based drugstore chain Jean Coutu Group were halted at the opening. The retailer, rumoured to be seeking part of the Eckerd drugstore chain in the United States, said in a brief release that it is in negotiations about an unspecified U.S. deal. At midday, the stock is trading up 20¢ at $17.95.

Shaw Communications shares are up 20¢ to $22.55 after posting a $17.1 million profit for its fiscal second quarter, reversing the loss of $19.7 million a year earlier.

The junior TSX Venture composite index is down six points at 1,878.

In New York, stocks have edged away from their earlier highs following the release of the upbeat employment report.

The Dow Jones industrial average is up 79 points to 10,452. The tech-heavy Nasdaq is up 29 points at 2,044, while the broader S&P 500 is ahead seven points to 1,140.