North American stocks rose at the start of trading on Monday, as investors looked beyond a rise in Spanish bond yields and focused on rising European stocks and better-than-expected U.S. retail sales.
The Dow Jones industrial average rose 97 points or 0.8 per cent, to 12,946. The broader S&P 500 rose 3 points or 0.2 per cent, to 1373. In Canada, the S&P/TSX composite index rose 17 points or 0.1 per cent, to 12,057.
The gains follow a slump by major indexes last week, when a flare-up in the European debt crisis and not-so-great U.S. economic news handed the S&P 500 its worst one-week performance in 2012.
On Monday, the yield on the Spanish 10-year government bond rose to 5.99 per cent, but down slightly after breaking the 6-per-cent threshold earlier in the day. Meanwhile, U.S. retail sales rose 0.8 per cent in March, well above expectations and following a 1 per cent increase in February, suggesting that the consumer is alive and well.
U.S. financials were among the big leaders: Bank of America Corp. rose 1.4 per cent and JPMorgan Chase & Co. rose 1 per cent. Citigroup Inc., which reported disappointing quarterly earnings before the bell, rose 2.2 per cent.
Caterpillar Inc. rose 1.4 per cent and Home Depot Inc. rose 1.3 per cent. However, Mattel Inc. fell 7.8 per cent after reporting a 53 per cent slide in its first quarter earnings.
In Canada, Royal Bank of Canada rose 0.5 per cent and Suncor Energy Inc. rose 1.3 per cent. Barrick Gold Corp. was down less than 0.1 per cent.