North American stocks are poised to climb at the open Wednesday after Alcoa’s solid first-quarter report, as investors weigh major job reductions at global banking giant Citigroup and await minutes from the U.S. Federal Reserve’s last meeting.

Alcoa kicked off first-quarter earnings late season late Tuesday with an 8.9% increase in profit, helped by resurgent aluminum prices.

Citigroup announced Wednesday it will save US$2.1 billion in 2007 by eliminating 17,000 positions.

In economic news, the minutes from the Federal Reserve’s last meeting are due at 14:00 ET. As well Fed Chairman Ben Bernanke is due to talk on “market discipline and regulation”.

Here at home, consumer spending in retail stores was at very buoyant levels in 2006, thanks to strong increases in most commodity groupings, Statistics Canada reported today.

Canadians spent $392.4 billion in retail stores last year, up 6.4% from 2005.

The Canadian dollar opened at US87.44¢ this morning, up 0.24 of a cent.

In today’s earnings news, Bed Bath & Beyond, Genentech and BlackBerry maker Research In Motion are due to report quarterly results.

Crude-oil prices rose 22¢ to US$62.11 a barrel before the release of U.S. weekly energy supply data, due out at 10:30 ET.

Overseas, the Nikkei 225 closed basically flat in Tokyo, and the FTSE 100 edged up 0.3% in London.

Profit-taking helped send Toronto stocks lower Tuesday. The S&P/TSX composite index closed down 51.03 points, or 0.4%, at 13,431.30.

All but two of the 10 TSX main groups were lower, led by a 1% fall in the heavily weighted financial services sector.

The telecoms sector was up 2.4%, while utilities gained 0.02%.

BCE shares jumped $1.59, or 4.9%, to $34.23 after reports said the Ontario Teachers’ Pension Plan, a BCE shareholder was in early talks with other investors to mount a takeover bid for BCE.

The junior S&P/TSX Venture composite index lost 8.96 points to 3,274.67.

On Wall Street, the Dow Jones industrial average rose for an eighth straight, the longest winning streak in four years, as a rebound in oil prices lifted energy shares and Citigroup gained on expectations of big job cuts.

The Dow rose 4.71 points, or 0.04%, to end at 12,573.85. The S&P 500 gained 3.78 points, or 0.26%, to 1,448.39. The Nasdaq composite index advanced 8.43 points, or 0.34%, to 2,477.61.