Markets opened higher Tuesday from Monday's triple-digit losses as companies reported positive earnings on both sides of the border.
The Toronto Stock Exchange's S&P/TSX composite index was up 109.63 points, or one per cent, to 11,224.94 in early trading.
On the New York Mercantile Exchange, crude oil was up 89 cents U.S. to $72.78 U.S. a barrel. Gold was up $9 U.S. in early trading to $1,075.20 U.S. an ounce.
The Canadian dollar rose 53 basis points to 93.6 cents U.S..
The U.S. dollar index meanwhile slipped 0.4 per cent amid speculation that Greece will get European help with its budget deficit.
Toronto-based base metals miner Inmet Mining Corp. swung to a quarterly profit of $89.8 million, or $1.60 a share, from a loss of $32.51 million or 67 cents a share, in the fourth quarter of 2008. Its shares were trading at $53.78, up 93 cents.
Agrium Inc., the fertilizer maker looking to take over CF Industries Holdings Inc., posted fourth-quarter profit of $30 million U.S., or 19 cents U.S. per share, down from $124 million U.S., or 79 cents U.S. per share a year earlier, still topping estimates. Its shares were trading at $63.76, up $1.74.
Calgary-based oilsands development company OPTI Canada Inc. reported a $212 million loss or 75 cents per share, in the fourth quarter of 2009, up from a loss of $410 million or $2.09 per share in the fourth quarter of 2008. Its shares were down four cents to $1.87.
In the U.S., the Dow Jones industrial average rose 116.01 points, or 1.17 per cent, to 10,024.4. The Nasdaq composite index was off 18.5 points, or 0.87 per cent, to 2,144.55.
Market bellwethers Coca Cola and MacDonalds were trading higher after Coca Cola met estimates for quarterly profit and McDonald's posted a rise in January same-store sales.
Overseas markets were mixed Tuesday. Markets were higher in Europe on hopes that EU leaders will discuss a plan to help Greece and other EU members heavily in debt at a meeting scheduled for Thursday in Brussels.
The U.K.'s FTSE index was up 24.52 points, or 0.48 per cent, to 5,116.85 at midday. The DAX index in Germany gained 17.6 points, or 0.32 per cent, to 5,502.45 and France's CAC added 9.72 points, or 0.27 per cent, to 3,616.99.
In Asia, Japan's Nikkei index dropped 18.92 points, or 0.19 per cent, to 9,932.90 as Toyota officially added almost half a million Prius and other hybrids models to its list of recalled vehicles Thursday. Hong Kong's Hang Seng index rose 239.39 points, or 1.22 per cent, to 19,790.28.
On Monday, the S&P/TSX composite index closed down 107.82 points, or 0.96 per cent, to 11,115.30. In the U.S., the Dow closed down 103.84 points, or 1.04 per cent, to 9,908.39 — the Dow's first close at less than 10,000 since Nov. 4. The Nasdaq was off by 15.07 points, or 0.7 per cent, to 2,126.05.
