North American stocks rose on Tuesday morning after investors ignored rising U.S. producer prices and instead focused on positive earnings from Goldman Sachs Group Inc. and a wider conviction that the U.S. Federal Reserve will leave its key interest rate unchanged next week.
The S&P/TSX composite index rose 91 points, to 15,036. BCE Inc., which has its day in court to argue against an earlier decision that favoured bondholders in its takeover attempt, rose to $33.65, up 0.4 per cent.
Royal Bank of Canada rose 0.7 per cent, Potash Corp. of Saskatchewan Inc. rose 1.3 per cent and Research In Motion Ltd. rose 1.1 per cent. Energy stocks were up slightly to $133.55 (U.S.) a barrel. Gold producers were generally up by about 1 per cent.
In the United States, the Dow Jones industrial average rose 17 points, to 12,286. The broader S&P 500 rose 4 points, to 1364.
General Motors Corp. rose 1.4 per cent and financial stocks were higher following strong results from Goldman Sachs Group Inc. Citigroup Inc. rose 1.1 per cent and JPMorgan Chase & Co. rose 1 per cent. Goldman rose 1.2 per cent after the securities firm reported better-than-expected earnings in the second quarter, even though they fell 11 per cent.