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At the open: Earnings drive Dow, TSX higher

North American stocks rose at the start of trading on Monday, boosted by strong quarterly earnings from Caterpillar Inc.

The Dow Jones industrial average rose 19 points or 0.2 per cent, to 11,223. The broader S&P 500 rose 1 point or 0.1 per cent, to 1,218.

Caterpillar rose 3.9 per cent after the heavy equipment maker reported a profit of $233-million (U.S.) or 36 cents a share in the first quarter, beating analysts' expectations on a per-share basis after some costs were excluded. The company also raised its full-year forecasts.

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Whirlpool Corp. surged 14.6 per cent after the appliance maker's first quarter results doubled, also beating expectations.

In Canada, the S&P/TSX composite index rose 30 points or 0.2 per cent, to 12,269.

Energy stocks generally moved higher after the price of crude oil remained above $85 a barrel, relatively unchanged. Suncor Energy Inc. rose 0.4 per cent and Canadian Natural Resources Ltd. rose 0.5 per cent.

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About the Author
Investing Reporter

David Berman has been writing about business and investing since 1995. He has written for a number of magazines, including Canadian Business and MoneySense. He worked at the Financial Post as an investing writer and daily columnist before moving to the Globe and Mail in 2008. More

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