North American stocks are expected to rise at the open Tuesday as U.S. voters head to the polls for the midterm congressional elections.

At stake in the midterm election are all 435 House seats, 33 in the Senate and 36 races for governor.

The Canadian dollar opened at US88.48¢, down 0.09 of a cent from Monday’s close.

In earnings news, profits at auto parts maker Magna International Inc. fell in the latest third-quarter to US$94 million from a year-earlier $159 million as its operation earnings were hurt by a cut in production by the Big Three automakers in North America.

Nortel Networks Corp. reported Tuesday a third-quarter net loss of $99 million, improved from a year-ago loss of $136 million, as it recorded a number of one-time gains and saw revenues rise 17% in the period.

Home hardware retailer Rona Inc. reported its third quarter profits rose 5.8% to $56.1 million as sales jumped more than 14% despite weakness in key markets in Central Canada.

Toyota Motor’s group net profit soared 34% in the second quarter, driven by robust sales in North America and Europe and a weaker yen. Japan’s biggest car maker by vehicle sales also lifted its earnings outlook for the full year through March.

Toll Brothers cut its home delivery forecast for the year ending Oct. 31, 2007, and reported a 10% decline in fiscal fourth-quarter home-building revenue. The U.S. luxury home builder said it hasn’t spotted a recovery in the housing market, but added the market may improve more rapidly than generally anticipated once the current inventory overhang is absorbed and consumer sentiment turns positive.

Crude-oil prices climbed five cents to US$60.07 a barrel.

European stock markets edged higher on Tuesday, with the FTSE 100 up 0.1% after better-than-forecast sales at Marks & Spencer.

In Hong Kong, the benchmark Hang Seng index marked new high, inching up 2.76 points, or 0.01%, to close at 18,939.31.

In Japan, the Nikkei 225 index rose 28.65 points, or 0.18%, to finish at 16,393.41 points on the Tokyo Stock Exchange.

Toronto stocks spiked on Monday, as investors took in merger and acquisition news in the gold sector.

The S&P/TSX composite index gained 94.24 points, or 0.77%, to 12,333.28.

Four Seasons Hotels Inc. shares jumped 29% to $93.06 after a bid to take the luxury hotel operator private was presented by founder Isadore Sharp, along with Microsoft billionaire Bill Gates and Saudi prince Alwaleed Bin Talal Bin Abdulaziz Al Saud.

Kinross Gold Corp. announced a friendly takeover of Bema Gold Corp. for $3.5 billion in stock. Kinross fell $1.46, or 9.74%, to $13.53, while Bema shares gained 57¢, or 10.56%, to $5.97.

The S&P/TSX Venture composite index lifted 12.04 points, or 0.46%, to 2,653.95.

In New York, markets were up on strong corporate news, bouncing back after several week sessions.

The Dow Jones Industrial Index rose 119.51 points to 12,105.55, the Nasdaq Composite Index gained 35.16 points to 2,365.95, while the S&P 500 gained 15.48 points to 1,379.78.