Toronto stocks are staging a broad-based advance as they catch up to gains made in U.S. markets yesterday, when the TSX was closed for Thanksgiving.

In late morning trading, the S&P/TSX Composite Index is up 84.08 points to 7,717.69.

Every market sector has advanced, led by a 3% gain in the mining index. Golds are up 2%, while financial services and information technology have both climbed 1.5%.

Among active stocks, Nortel is up 10¢ to $6.15; Ivanhoe Mines has gained 46¢ to $11.08; and Bombardier is up 2¢ to $6.17.

Silent Witness Enterprises shares soared after a takeover offer from Honeywell. Silent Witness shares are up $3.92 to $11.17 following an all-cash offer of $11.27 a share.

Bank of Nova Scotia is up $1.53 to $65.40; CIBC has added $1.10 to $59.75.

Inco shares are climbing, up $1.27 to $41.49, as nickel prices reach a 13-year high. Falconbridge has gained 34¢ to $24.34, also a 52-week high.

The junior S&P/TSX Venture composite index is up 11.89 points at 1,433.25.

U.S. markets — which hit 17-month highs Monday — were bracing for a flood of earnings announcements. Johnson & Johnson reported higher earnings and raised its full-year forecast. J&J shares were up US81¢ to US$50.50.

After opening lower this morning, the Dow Jones industrial average is down 16.07 points to 9,748.31.

The Nasdaq composite index is off 3.89 points at 1,929.64. The S&P 500 is down 2.74 points to 1,042.61.

The Canadian dollar is down 0.26¢ to US75.47¢.