North American markets may rise at the open Monday, building on Friday’s gains, and ahead of the release of U.S. President Bush’s budget proposals for the 2006 fiscal year.

The U.S. economic calendar is light today. The Federal Reserve will release its December consumer-credit report at 15:00. ET. Economists look for consumer credit to have increased by $8.5 billion for the month.

Here at home, Statistics Canada said the construction industry ended 2004 on a strong note in December as the value of building permits hit $5.1 billion, up 1.6% from November.

It was the third consecutive monthly gain. December’s monthly intentions were the second highest on record, surpassed only by the $5.4 billion level last June.

For all of 2004, StatsCan said municipalities issued a record high value of building permits for the second straight year, as the demand for new dwellings soared across the nation.

The new record of $55.4 billion was 9.1% higher than the previous high of $50.8 billion set in 2003.

The Canadian dollar opened at US79.85¢, down 0.24 of a cent. On Friday, the loonie fell 0.46 of a cent to US80.09¢, its lowest closing price this year, as Statistics Canada reported the economy shed almost 6,000 jobs in January.


Toronto stocks ended higher on Friday as technology shares rallied. The S&P/TSX composite index rose 54.57 points, or 0.59%, to 9,358.28.

For the week, the index rose 2.4%.

The junior S&P/TSX Venture composite index rose 13.89 points, or 0.77%, to close at 1,827.40.

A weaker than expected jobs report helped keep Canadian market gains in check.

Statistics Canada said the economy lost 5,700 jobs in January, compared with expectations for a gain of 15,000

On Wall Street, the weaker than expected U.S. jobs report gave stocks a lift because it eased concerns about faster interest-rate hikes.

The U.S. economy generated 146,000 new jobs in January, below market expectations for 190,000.

The Dow Jones industrial average rose 123.03 points, or 1.16%, to 10,716.13. The S&P 500 was up 13.14 points, or 1.10%, at 1,203.03. The tech-heavy Nasdaq composite index rose 29.02 points, or 1.41%, at 2,086.66.

All three market gauges rose for a second straight week. The Dow ended up 2.8%, the S&P rose 2.7% and Nasdaq climbed 2.5%.