North American stocks rose at the start of trading on Monday, even as the price of crude oil notched another gain.
The Dow Jones industrial average rose 52 points or 0.4 per cent, to 12,222. The broader S&P 500 rose 6 points or 0.4 per cent, to 1327. In Canada, the S&P/TSX composite index rose 46 points or 0.3 per cent, to 14,299.
Canadian energy stocks were strong after the price of crude oil rose above $104 (U.S.) a barrel due to ongoing concerns about supply disruptions in Libya. Canadian Oil Sands Ltd. rose 3.9 per cent and Canadian Natural Resources Ltd. rose 1 per cent.
Materials stocks were also strong, with Barrick Gold Corp. up 0.5 per cent and Teck Resources Ltd. up 0.7 per cent.
While oil's rise has posed an obstacle to the broader market in previous trading sessions, because of its potential impact on economic growth and inflation, investors don't seem too concerned right now.
Among U.S. stocks, American Express Co. rose 1.8 per cent, McDonald's Corp. rose 1.1 per cent and Microsoft Corp. rose 1 per cent. However, Cisco Systems Inc. fell 0.7 per cent, while Johnson & Johnson and Pfizer Inc. fell 0.4 per cent each.Report Typo/Error