By Jeff Sanford

(February 5 – 18:30 ET) – Tech and financial stocks teamed up to lift the TSE 300 to an 82 point advance today. The composite index closed at 9,306.05.

As tech stocks staged a late-day turnaround, optimism seemed to spread to the rest of the market. Gains came in 12 of the TSE’s 14 sub-indices. Only gold and utilities suffered losses.

Leading the way was a 1.99% increase in financial services , a 1.43% gain in conglomerates and a 1.37% advance in pipelines.

Market breadth, though, among individual issues was relatively restrained. Overall 586 issues finished the day higher while 517 finished lower. Volume was 150 million shares.

Bank stocks posted solid gains today. TD gained 2.49% to $45.35, Royal Bank added 2.62% to $50.95, Scotiabank gained 3.27% to $47.40, and BMO advanced 2.19% to $86.70. CIBC trailed the pack with a 0.04% increase to close at $52.30. Sun Life was ahead 4.05% to close at $37.25.

The Canada Customs and Revenue Agency announced Friday that up to half of the reinforcing steel bar market in the second quarter was taken over by dumped steel products. Antidumping duties could be retroactive to November 3, 2000. That news helped out Stelco stocks which rebounded after taking a beating last week in the wake of a dismal earnings report. Stelco stock advanced 4.09% to close at $3.56.

Air Canada stock was battered today as CEO Robert Milton announced that cutbacks would be necessary to help the airline stay aloft through a slowing economy and rising fuel prices. Stock in the airline fell 8.57% to close $10.46 — a new 52-week low.

The CDNX exited today’s session relatively unchanged at 3,293.94. The venture capital exchange was down less than 1 point. Market breadth was negative with 283 issues heading down and only 257 heading higher. Volume was 43 million shares.

In New York, an early sell-off in tech stocks began to reverse itself by the end of the day. But it wasn’t enough to erase the damage and the Nasdaq composite index shed 17.42 points to 2,643.08.

Investors flocked to the blue chips for safety and the Dow Jones industrial average soared 101.75 points to 10,965.85. The S&P 500 added 4.70 points to close at 1,354.17.