Gold and energy stocks gave Canadian markets a lift Wednesday morning, while U.S. investors were cautious ahead of remarks from the Federal Reserve that would signal the pace of future interest rate hikes.

At midday, the S&P/TSX was up 30.26 points or 0.33% to 9300.39 after gaining 66.08 points on Tuesday. The TSX Venture Exchange moved ahead 3.68 points 0r 0.20% to 1808.77.

On Wall Street, the Dow industrial average advanced 33.84 points or 0.32% to 10585.78 after rising 62 points in the previous session. The Nasdaq added 2.74 points or 2071.44 after edging up 6.29 points the day before, powered by a jump of almost 10% in Google shares. The S&P 500 was up 2.45 points or 0.21% to 1191.86.

The Canadian dollar was down 0.32 of a cent at US80.59¢.

On the TSX, The metals and mining group was the lead advancer on the TSX, adding 1.79, while gold stocks also were up 1.04% as the price of bullion rose 50¢ to US$421 an ounce in New York. Wheaton River Minerals advanced 2¢ to $4.07. Noranda climbed 30¢ to $21.60.

Energy stocks advanced 0.76% as crude oil futures traded near US$47 a barrel Wednesday morning after the U.S. government reported an unexpected decline in crude oil stocks. After falling slightly earlier in the day, the benchmark crude oil contract for March delivery rise 3¢ to US$47.15 per barrel on the New York Mercantile Exchange shortly after the U.S. gave its latest petroleum supply snapshot. Husky Energy Inc. added 41¢ to $33.50.

Technology stocks slipped 0.32% with Nortel Networks Corp. leading the way; its shares were off 2¢ to $4.10

Financial stocks were 0.19% ahead. Among financial stocks making news, Canaccord Capital Corp. said its quarterly profit rose to $16.7 million from $11.3 million a year-ago, but its shares dipped 30¢ to $10.65. AGF Management Ltd. was unchanged at $15.67 after it posted a 75% jump in net income for fiscal 2004 over last year, but also said net redemptions jumped 25% for the year.

On Wall Street, shares of Google continued to climb. They were up $20.85 in the morning to US$212.75 on Nasdaq. Rival Yahoo Inc. rose $1.4 to US$35.89.

In addition to a steady flow of earnings reports, investors will mull the economic outlook from the Federal Reserve meeting that concludes this afternoon. The Fed is expected to raise interest rates for the sixth consecutive time since last year. The Federal Open Market Committee is expected to announce a 25 basis point interest rate hike at 2:15 p.m. ET when the Fed concludes its meeting.

Overseas, Japan’s Nikkei Stock Average of 225 selected issues climbed 22.74 points, or 0.2% to end at 11407.14.

In Hong Kong, the Hang Seng Index fell 22.46 points, or 0.2% to 13555.8.

London’s FTSE 100 index was ahead 5.8 points at 4,912.00.

Frankfurt’s DAX 30 was up 11.03 points at 4,291.00 while the Paris CAC 40 points inched up 2.87 at 3,942.05.