Markets opened higher Monday on positive data from the U.S. and as Greece moved to raise money to reduce its debt.
The Toronto Stock Exchange’s S&P/TSX composite index was up 25.8 points to 11,983.1 at 10 a.m. ET.
On the New York Mercantile Exchange, oil gained US$1.12 cents to US$81.12 a barrel and gold rose US$7.30 to US$1,111.60 an ounce.
The Canadian dollar was trading at 97.86 cents US, up 46 basis points from its close of 97.4 cents US.
Greece approved five banks to sell seven-year bonds to deal with its deficit crisis Monday, a positive sign that gave a boost to the euro and commodities. The debt-stricken country must raise about 53 billion euros by the end of the year, according to Reuters.
In the U.S. the Dow Jones industrial average rose 40.51 points, or 0.37%, to 10,890.87, while the Nasdaq composite index was up 14.39 points, or 0.6%, to 2,409.52.
Data out of the U.S. Monday showed consumer spending increased 0.3% in February -- the fifth straight monthly increase -- as expected. However, personal income was flat -- slightly lower than the 0.1% expected -- following January’s 0.3% increase. This pushed personal savings to the lowest level since October 2008.
“With respect to income, the softer print this month is disheartening as it continues to suggest that the U.S. economic recovery is disproportionately benefiting from government assistance rather than sustainable private-sector growth,” wrote Ian Pollick, portfolio strategist at TD Securities.
Markets were mixed overseas. The European economic sentiment index rose more than expected in March to 97.7 from 95.9 in February, while in the U.K., mortgage approvals fell in February to the lowest level in nine months.
London’s FTSE lost 2.65 points, or 0.05%, to 5,700.37 at midday. In Frankfurt, Germany’s DAX rose 33.08 points, or 0.54%, to 6,153.13, and the Paris CAC added 0.41 points, or 0.01%, to 3,989.34.
In China, the State Council Development Research Centre forecast a 12% annual jump in real GDP in the first three months of 2010, although the research group also warned that slower growth will follow. Hong Kong’s Hang Seng rose 184.32 points, or 0.88%, to 21,237.43, while the Nikkei in Japan closed down 9.9 points, or 0.09%, to 10,986.47.
