U.S. stocks look set to rise on the first trading day of the year, as oil prices fell sharply and investors awaited additional data for December.

Canadian financial markets will stay closed until Tuesday.

Stock markets were also closed Monday in London and Japan in celebration of the New Year’s holiday.

Crude was trading at US$42.62 midday in Europe in electronic trade on the New York Mercantile Exchange — down 83¢ from Thursday’s settlement.

In economic news, the Institute for Supply Management is due to release its December manufacturing index at 10:00 ET.

Analysts expecte the overall report to rise 58.5 from 57.8 in November, while prices are expected at 72.2 compared with 74.0.

As well, the U.S. Commerce Department is due to release its November construction spending report at 10:00 ET.

In business news, Legg Mason, Inc. said it completed its acquisition of the assets of the New York City, Philadelphia, Cincinnati and Chicago offices of Scudder Private Investment Counsel from Deutsche Bank on Dec. 31, 2004. The transaction was originally announced on Nov. 15, 2004.

In other news, the Ontario government said it is raising Ontario’s minimum wage on February 1 for the second time since taking office.

The general minimum wage will be raised to $7.45 per hour on February 1, and there will be annual increases in each of the next two years until it reaches $8 per hour in early 2007.