Stocks finished higher after trading lower for much of today’s session. A late afternoon rally delivered modest gains to major North American indices.

The TSE 300 gained 36.80 points to close at 7,569.50.

Overall, 12 of the TSE’s 14 sub-indices managed to post modest gains, with metals and minerals, and real estate the only sectors advancing more than 1%

Industrial products and conglomerates closed in the red, but the losses were equally modest.

Market volume was just shy of 100 million shares. Momentum was negative with declining issues once again outnumbered advancers, 565 to 484, and 198 issues closing unchanged.

There was heavy trading in Nortel Networks, with volume reaching almost 9 million shares. The stock closed up 15¢ at 10.65. Earlier in the day, caught in the downdraft of an earnings warning from telecom equipment maker Ciena, Nortel had traded as low as $10.02.

Celestica wasn’t as fortunate as Nortel, shedding $1.50 to close at $62.60.

Bank of Nova Scotia gained $1 to $47.75, while CIBC gained 35¢ to $51.20. Bank of Montreal slipped 13¢ to $41.57.

The CDNX Index closed up 4.07 points. at 3,094.63. Trading was active on a volume of 27.5 million shares, with 166 advances, 187 declines and 506 issues unchanged.

In New York, the late afternoon bounce lifted the Dow Jones industrial average 46.57 points to close at 10,392.52. The S&P 500 added 3.64 points to finish at 1,181.66. The Nasdaq composite index gained 11.43 points to close at 1,903.32