U.S. stocks opened higher on Monday amid signs that an economic recovery is gaining steam and relief that last week’s power outage didn’t leave lasting damage to the economy.

The Dow Jones industrial average opened up 19.63 points at 9341.88. The S&P 500 index rose 2.37 points at 993.04. The Nasdaq composite kndex added 6.60 points at 1,708.61.

Shortly after the open, the S&P/TSX composite index was up 24.75 points at 7,415.30.

Ontario Premier Ernie Eves is continuing to declare a State of Emergency and has asked non-essential government workers to stay home Monday, as southern Ontario, responsible for 40% of the country’s economy, gingerly turns the lights back on. Businesses have been asked to use no more than 50% of their normal power output.

Industries ranging from forestry to auto manufacturing to airlines were forced to close down because of a lack of reliable power. The markets were open — due to their own power generators on Friday, but they drifted in lacklustre trading as commuter trains and subways were shut down in Toronto and New York, leaving many traders at home.

The blue-chip Dow Jones industrial average edged up 11.13 points Friday to finish at 9,321.69. The broad S&P 500 rose just 0.16 of a point to 990.67. The tech-heavy Nasdaq composite index ended up 1.67 points at 1,702.01.

Toronto stocks fell slightly in thin volume on as the power outage forced many investors to stay at home.

The Toronto Stock Exchange S&P/TSX composite index fell 3.21 points to 7,390.55. On the week, the TSX gained 1.9%.

Today, though, Wall Street future trading is up as investors continue to be optimistic about an economic recovery.

In Canada, the banks will start reporting their quarterly results during the week.

There is no major economic data coming out of either side of the border today. The University of Michigan consumer sentiment index is due out tomorrow.

Meanwhile, Statistics Canada is reporting that foreign investors reduced their holdings by $1.1 billion in June after accumulating $21.4 billion of Canadian securities from February to May 2003. They divested $1.5 billion of debt instruments, but invested a small amount in Canadian stocks. Meanwhile, Canadian investors continued to purchase foreign bonds, and resumed their selling of foreign equities.

London’s FTSE 100 stock index is up 0.1% to 4247.80 at midday in Europe. Frankfurt’s DAX 30 index is 0.6% higher at 3,464.68. In Paris, the CAC40 is down 0.3% to 3,270.81.

Tokyo stocks rallied strongly on hopes for Japan’s economic recovery, leading the Nikkei above 10000 for the first time in almost a year. The Nikkei average added 169.50 points, or 1.7%, to close at 10032.97. Among strong gainers were major steelmakers and major banks.

In Hong Kong shares extended their gains for a sixth consecutive session, ending at a 13-month high, led by BOC Hong Kong. The Hang Seng Index ended up 100.48 points, or 1%, at 1,0525.04.