U.S. stocks opened higher on Monday as investors snapped up shares that were beaten down on Friday.

The Dow Jones industrial average was up 24.90 points, or 0.24%, at 10,417.89. The S&P 500 Index was up 2.67 points, or 0.23%, at 1,170.54. The technology-heavy Nasdaq Composite Index was up 5.65 points, or 0.28%, at 2,039.92.

In Toronto, the S&P/TSX composite index also opened higher. In mid-morning trading the benchmark index was up 11.16 points, or 0.12%, at 9,097.99.

The deluge of earnings reports continues today, with results due out from big companies including: American Express, Kimberly-Clark, and Union Pacific.

Canadian National Railway Co, Imperial Oil Ltd, Petro-Canada, TSX Group Inc and Molson Inc report earnings this week, too.

Royal Group Technologies Ltd., a plastic products company embroiled in lawsuits, accounting investigations and an executive suite upheaval, today warned of a fourth-quarter loss of $30 million to $35 million.

High-flying oil prices neared US$50 a barrel Monday as a blizzard enveloped the U.S. Northeast, draining U.S. heating oil stocks.

U.S. light crude stood US43¢ higher at US$48.96 a barrel, building on Friday’s US$1.22 rally.

In other economic news, Canadian monthly retail sales slipped slightly in November, falling 0.1% to $29.5 billion, Statistics Canada said.

The sales figure was a bit better than expected. Economists had been forecasting sales for the month to dip by between 0.2% and 0.4%.

On Tuesday, the Bank of Canada meets to discuss interest rates. The central bank is widely expected to hold off on raising rates, and investors will be focusing on its statement for hints on what lies ahead.

North American markets closed mostly lower Friday.

In Toronto, the S&P/TSX composite index lost 2.15 points at 9,086.83. The junior S&P/TSX Venture composite index rose 19.02 points to 1,809.03.

The Canadian dollar climbed 0.79 of a cent at 81.89¢ U.S.

In New York, the Dow Jones industrial average lost 78.48 points at 10,392.99. The tech-heavy Nasdaq composite index dropped 11.61 points lower to 2,034.27, while the S&P 500 index slid back 7.59 points to 1,167.82.

Market reaction to the first slew of quarterly earnings continues to be lukewarm despite positive news from big companies such as Citigroup and Apple Computer.