Toronto stocks edged higher Friday as investors reacted to a mixed bag of earnings reports. The S&P/TSX composite index closed up 11.18 points, at 7,262.62.

Volume was light at 208 million shares worth $2.4 billion.

Market momentum pushed was positive with advancers outpacing decliners 571 to 534.

A mixed bag of earning releases, kept the TSX from joining a rally south of the border.

Telecom stocks led the winners, climbing1.22%.

Gold stocks gained 0.17% as Aurizon shares climbed 13¢ to $1.68.

Techs stocks fared worse as the information technology group slipped 0.88%.

Nortel Networks slipped 13¢ to $4.11, after the company reported flat second-quarter results on Thursday.

JDS Uniphase shares plunged 42¢ to $4.05, as forecasts disappointed investors.

Noranda shares plunged $1.79 to $12.75 after it slashed its dividend by 40% while reporting a $15 million quarterly loss. Noranda is also issuing $500 million worth of new shares.

In other market news, Yellow Pages Group Co. priced what is being called the biggest income fund issue in Canada.

The company said it would raise $935 million by selling 93.5 million units for $10 each.

The junior TSX Venture composite index added 7.77 points to 1,159.53.

In New York, investors started the weekend on an upbeat note as the Dow Jones industrial average posted a triple-digit gain.

An afternoon rally, powered by an improving economy and better-than-expected earnings, lifted all the major indices and averages.

The Dow closed up 172 points, or 1.9%, at 9,285. The tech-heavy Nasdaq composite index added 29 points, or 1.7%, to 1,731. The S&P 500 gained 17 points, or 1.7%, to 998.

For the week, S&P 500 gained 0.5%, the Dow gained 1%, and the Nasdaq rose 1.3%.

The Canadian dollar closed off its high of the day, but still finished ahead 0.84 of a cent at US72.48¢.