Research In Motion CEO Thorsten Heins.J.P. MOCZULSKI
North American stocks rose at the start of trading on Friday, after euro zone finance ministers boosted the size of the region's bailout fund to €800-billion and U.S. consumer spending topped estimates in February.
The Dow Jones industrial average rose 42 points or 0.3 per cent, to 13,188. The broader S&P 500 rose 4 points or 0.3 per cent, to 1,407. In Canada, the S&P/TSX composite index rose 50 points or 0.4 per cent, to 12,389.
Research In Motion Ltd. pulled off a surprise gain, rising 3.1 per cent. The gain comes after the BlackBerry maker released dismal fourth-quarter results on Thursday evening, reporting a quarterly loss. However, the companies new chief executive said that all options were on the table, suggesting that these include the sale of the RIM.
Meanwhile, Alcoa Inc. rose 1.1 per cent, Walt Disney Co. rose 0.9 per cent and Home Depot Inc. rose 0.8 per cent.
The gains follow an upbeat reading on U.S. consumer spending, which rose 0.8 per cent last month, topping expectations for a 0.6 per cent gain.
Among Canadian commodity producers, Potash Corp. of Saskatchewan Inc. rose 1.9 per cent, Barrick Gold Corp. rose 0.5 per cent and Suncor Energy Inc. rose 0.1 per cent.
David Berman