Toronto stocks closed higher on Wednesday as technology issues like Nortel Networks and Celestica Inc. drove the market to its biggest one-day gain in two months.

The gains in tech came after bellwether Cisco Systems offered hope that corporate profits may be turning around.

The Toronto Stock Exchange’s S&P/TSX composite index closed up 146.45 points, or 1.9%, at 7,707.82.

Tech shares soared 8.5% after Cisco said after Tuesday’s close that its third-quarter earnings had tripled as sales edged up.

Nortel closed Wednesday up 43¢, or 10%, to $4.70. Celestica jumped $5.24, or 13%, to $45.

CAE surged $1.30 to $13. It reported stronger earnings and announced a trio of new contracts worth $35 million.

Financial issues climbed 1.72% as worries about loan loss provisions eased.

Royal Bank advanced $1.46 to $55.15, while Bank of Nova Scotia rose $1 to $54.04.

Overall 11 of the 13 TSX sub-indices gained ground Wednesay, will golds and utilites the only losers. Advancing issues outpaced decliners 663 to 432 on a volume of 195.6 million shares.

The TSX Venture Exchange fell 3.8 points to 1,146.14.

In New York, stocks roared ahead on Wednesday after tech bellwether Cisco Systems topped Wall Street’s earnings estimates and reignited hopes of a turnaround in corporate profits.

The tech-heavy Nasdaq composite index raced 122.45 points, or 7.8%, to 1,696.27, with Cisco leading the way.

The Dow Jones industrial average surged 305.28 points, or 3.10%, to 10,141.83. The Standard & Poor’s 500 climbed 39.36 points, or 3.75%, to 1,088.85.

The Canadian dollar slipped US0.16¢ to US63.64¢.