North American stocks rose on Tuesday, joining a global move higher as Spain’s borrowing costs declined and some high-profile U.S. companies beat earnings expectations.
The Dow Jones industrial average rose 99 points or 0.8 per cent, to 13,020. The broader S&P 500 rose 9 points or 0.7 per cent, to 1,379. In Canada, the S&P/TSX composite index rose 21 points or 0.2 per cent, to 12,058.
Coca-Cola Co. rose 2 per cent after its quarterly earnings rose 7.9 per cent. Goldman Sachs Group Inc. rose less than 0.1 per cent after its earnings declined in the first quarter, but topped expectations. US Bancorp rose 0.4 per cent after reporting its earnings.
Apple Inc. , which had slumped over the previous five trading sessions, rebounded 1.9 per cent.
Meanwhile, U.S. industrial production was flat in March, marking the second straight month of no change, disappointing expectations. Also, U.S. housing starts declined in March, falling well below forecasts. However, building permits during the month surged to their highest level since September, 2008.
In Spain, the yield on the 10-year government bonds fell below 5.9 per cent after touching 6 per cent on Monday, easing some concerns that rising borrowing costs there could trigger a financial crisis.
In Canada, uranium stocks jumped after JPMorgan initiated coverage on Cameco Corp. and Uranium One Inc. with “overweight” recommendations. Cameco rose 2 per cent and Uranium One rose 6.4 per cent.