Stocks inched higher Monday morning, recovering slightly from a lackluster week that saw major indexes decline for the first time in a month.

The Dow Jones industrial average rose 18 points to 9,490 at the opening bell, while the Nasdaq Composite Index moved up 6.30 to 1,860.90. The S&P 500-stock index was up less than a point at 1,019.

Shortly after the open, the S&P/TSX composite index was up 5.65 points at 7,585.63.

Markets opened higher despite the collapse of World Trade Organization talks in Cancun on Sunday.

Also on the weekend, Swedes voted overwhelmingly against giving up their national currency and adopting the euro.

European stock exchanges were up on Monday, with Frankfurt and Paris each gaining 0.8% and London’s FTSE 100 index rising 27.5 points at 4,265.3 early in the afternoon.

Overnight in Asia, Japanese financial markets were closed for a holiday, but Hong Kong’s blue-chip Hang Seng index rose 109.21 points to 10,992.73.

In Monday’s economic news, the U.S. Federal Reserve’s report on manufacturing activity in the New York region, the Empire State Manufacturing Survey, showed an increase for the fifth straight month. The index rose to 18.35 in September up from 9.98 in August.

The U.S. Commerce Department reported that business inventories contracted in July, while sales posted the largest gain in four months. Business inventories fell 0.1% to US$1.18 trillion, following a flat showing in June.

Investors will be looking ahead to tomorrow’s decision on U.S. interest rates. The Fed is expected to stand pat on rates.

In business news, Bombardier announced a sale worth at least $1.2 billion of 30 regional jet airliners to Utah-based SkyWest Airlines. Bombardier said Monday that SkyWest, a feeder airline for United Airlines, took options on 80 additional aircraft, which could increase the value of the order to $4.6 billion. Deliveries of the 70-seat CRJ700 jets will begin early next year and continue through 2005.

On stock markets Friday, a late rally left U.S. markets with small gains while Toronto slipped.

The S&P/TSX composite index closed down 18.41 points to 7,580.07, off 32.43 points for the week, ending a five-week winning streak.

The Dow Jones industrial average gained 11.79 to 9,471.55 but was down 31.79 points for the week. The Nasdaq rose 8.94 points to 1,855.03, off 3.08 for the week, ending four weeks of gains. The S&P 500 index was up 2.21 at 1,018.63.