North American stock markets have started the new year with a bang, posting strong gains at the opening of 2010's first trading session, amid stronger commodity prices and higher overseas markets.
After the first 15 minutes of trading, the S&P/TSX composite index was up 111 points at 11,857. The Dow Jones industrial average was up 114 points at 10,542, the S&P 500 up 14 points at 1,129, and the Nasdaq composite index up 34 points at 2,303.
Canada's market is getting a boost from strong gains in commodity prices, thanks to U.S.-dollar weakness and a U.S. cold snap that's boosting energy demand. Crude oil is up $1.82 (U.S.) at $81.18 a barrel in New York, hitting its highest levels since October of 2008. Gold is up $25 at $1,121.20 an ounce, lifted by the weakness in the greenback.
The Canadian dollar is up 1.2 cents at 96.18 cents (U.S.).
U.S. investors are awaiting the Institution for Supply Management's manufacturing index for December, due out at 10:00 a.m. ET. The index is considered a key indicator of U.S. industrial activity.
Overseas, European bourses are higher. London's FTSE 100 index is up 0.8 per cent, while Paris's CAC 40 is up 1.2 per cent.
Asian markets closed mixed, with most markets higher but Chinese stocks taking a dip. Japan's Nikkei index rose 1.0 per cent, while Hong Kong's Hang Seng index was down 0.2 per cent.