North American stocks rose at the start of trading on Friday, as investors welcomed an apparent coordinated response from France and Germany to the Greek debt crisis, raising hopes that a solution is at hand.
The Dow Jones industrial average rose 78 points or 0.7 per cent, to 12,039. The broader S&P 500 rose 9 points or 0.7 per cent, to 1277. In Canada, the S&P/TSX composite index rose 65 points or 0.5 per cent, to 12,918.
The TSX gains came despite a sharp drop in the share price of Research In Motion Ltd. The BlackBerry maker slashed its full-year earnings forecast and announced that it would start laying off workers. The shares slipped 16.6 per cent and dragged down companies it works with: Celestica Inc. fell 5.9 per cent.
However, Suncor Energy Inc. rose 0.6 per cent and financials were strong. Royal Bank of Canada rose 1.2 per cent and Manulife Financial Corp. rose 0.7 per cent.
Among U.S. stocks, Merck & Co. Inc. rose 1.5 per cent, International Business Machines Corp. rose 1.4 per cent and JPMorgan Chase & Co. rose 1 per cent.