Traders are shrugging off Friday’s weaker jobs reports. Even though both Canada and the U.S. reported weaker than expected employment numbers, the S&P/TSX composite index is up 23 points to 7,618 at midday.

Volume remains heavy at 170.6 million shares, with the buying tripling up on the selling. Market breadth is also bullish, with winners outnumbering losers by a margin of 11:9.

Techs are really powering the gains, up 2.4%, as traders continue buying into the recovery story. Golds are also strong, up 1.8%.

There is weakness in real estate, down almost 1%, and financials and industrials are backing off, too.

It’s another Nortel-led day for the TSX today. The tech giant has gained another 6% on huge volume. More than 41.2 million shares have crossed the tape so far, as traders chase its improving outlook.

Nortel is joined by a 2.7% gain in Celestica, and buying in Telesystem International Wireless. Descartes Systems is recovering too, gaining 5.6%. Nortel’s old parent, BCE is up 0.7% in active trading.

Biotechs remain the losers in this, with continued weakness in QLT and Cardiome Pharma.

In the gold group, investors are applauding the latest developments at Wheaton River, pushing it 5.7% higher on heavy volume of 9.7 million shares. Much of the rest of the group is following the commodity price higher, too. However, Bema Gold looks weaker at midday.

There are also solid gains in Tenke Mining, Boralex, Air Canada and Enghouse Systems.

The downside is quite subdued, with Bombardier sliding, but it is down less than 1% on 4.33 million shares.

Scotia is leading the financials lower.

There is moderate selling in a broad selection of stocks including MI Development, Brascan, CoolBrands, Aurizon Mines, Molson, Abitibi and Crescent Point Energy.

The proposed Alcan acquisition got a bit of good news with word that the French Treasury Department has cleared its offer to acquire Pechiney’s securities. Alcan says that it is pleased that its willingness to ensure the continuity of Pechiney’s French operations has responded to concerns raised by the French government.

TLC Vision’s subsidiary, OR Partners, has acquired a majority interest in Phoenix Eye Surgical Center located in Phoenix, Arizona.

On Wall Street, the traders’ response to weak jobs numbers as not been nearly so accommodating. The Dow Jones industrial average is down 36 points at midday to 9,552. The Nasdaq composite index remains buoyant however, gaining 10 points to 1,879. The S&P 500 is down a point at 1,027.

The strength in techs is also flowing over to the small caps, pushing the S&P/TSX Venture composite index up 11 points to 1,335. Volume is also very strong there at almost 33 million shares. Advectus Life Sciences is leading the trade, up 2¢ to 8¢ on 2.2 million shares.