Toronto stocks look set to add to Friday’s gains when the TSX opens Monday, while U.S. markets will be closed to observe Presidents’ Day.

Crude oil futures were up in light trading this morning.

On Friday, rising oil prices gave the TSX a boost, helping stocks end the week on a positive note, while Wall Street rallied on favorable regulatory drug-related decisions to finish in the black as well.

At market close Friday, the S&P/TSX composite idex was up 39.49 points or 0.41% to 9,658.75, for a gain of 1% on the week.

The junior S&P/TSX Venture composite index jumped 21.68 points or 1.13% at 1,941.17.

On Wall Street, the Dow Jones industrial average gained 30.96 points or 0.29% at 10,785.22, for a slight loss of 0.1% on the week. The tech-heavy Nasdaq composite index closed down 2.72 points or 0.13% to 2,058.62, while the S&P 500 was up 0.84 of a point or 0.07% at 1201.59.

In Toronto, the TSX energy group jumped 1.6% to lead all sectors. The energy sector is up about 15% since the start of the year thanks to continuing high energy prices.

On Friday, crude-oil futures closed higher, with traders playing off expectations for colder weather and the potential for an OPEC production cut. Crude for March delivery ended up 81¢ at US$48.35 a barrel.

In Monday’s earnings news, HSBC Bank Canada. said it made $86 million, or 18¢ per share, in the last three months of 2004, up from earnings of $82 million or 17¢per share in the final quarter of 2003.

It’s a big week for bank stocks. Bank of Montreal releases its latest quarterly report on Tuesday, while CIBC and TD report on Thursday. Royal Bank is scheduled to do the same on Friday.

In economic news, Statistics Canada said Retail sales took a hit in December as shoppers reduced their spending in stores by 1.4% to $29.2 billion, after essentially no change in November.

Nonetheless, the government agency said December’s retail sales were 6.6% higher compared with the same month of 2003.

Most of the overall drop in December was accounted for by pronounced sales declines at new car dealers and beer, wine and liquor stores. StatsCan added that “the increasing popularity of gift cards, which are considered as sales only when they are redeemed, may have played a role in December’s weak retail sales.”