Stock markets in Toronto and New York crossed major milestones Tuesday, but the action has slowed a bit ahead of the Federal Open Market Committee announcement on U.S. interest rates due at 14:15 ET.

Shortly after the markets opened, the benchmark index of the TSX moved above the 8,000 level for the first time in two-and-a-half years. At midday, the S&P/TSX composite Index is up 13.92 points to 8,004.69.

The Dow Jones Industrial Average briefly crossed over the 10000 level a few minutes after trading opened on Tuesday and then fell back. The Dow hadn’t hit 10000 since early June 2002. At midday, the Dow sits at 9,978.60, up 13.33 points from yesterday’s close.

The tech-heavy Nasdaq composite index is off 12.23 at 1,936.62, while the broader S&P 500 is down 2.01 points to 1,067.29.

The junior S&P/TSX Venture composite index is down 24.68 points to 1,696.21.

On the TSX mining stocks were the main source of strength on the Toronto market on rising commodity prices. Inco and Teck Cominco are both higher.

Gold is the biggest decliner. Placer Dome is off 67¢to $23.22 and Bema Gold is down 23¢to $4.91.

In health care stocks, Biovail jumped 53¢ to $23.73 after it said partner GlaxoSmithKline is moving to develop sales of the Biovail-produced anti-depression drug Wellbutrin XL drug in Europe and elsewhere.

The Canadian dollar was down 0.81¢ to US76.21¢ late in the morning as currency markets belatedly reacted to a reaffirmation by the Bank of Canada that interest rates will be cut if necessary. Bank of Canada governor David Dodge said Monday the bank is ready to cut rates if necessary to minimize damage to the economy caused by the soaring dollar.