North American markets look likely to open lower Wednesday, as traders await Federal Reserve Chairman Alan Greenspan’s testimony before the U.S. House Budget Committee.

Greenspan’s testimony on the outlook for the U.S. economy will be scrutinized for signs he may be wavering from the Fed’s “measured” monetary tightening stance.

There are no major economic data releases scheduled for Canada or the United States today.

The Investment Funds Institute will release its preliminary estimates on February mutual fund sales later this afternoon.

In today’s earnings news, Talisman Energy said its fourth-quarter profit rose to $121 million, from $108 million a year earlier, on record-high cash flow while annual earnings declined with the sale of assets.

The Canadian dollar opened at US80.48¢, down 0.12 of a cent.

On Tuesday, the loonie dipped after the Bank of Canada again decided to leave interest rates unchanged – and signalled it will be a while before it moves them up. The currency was down 0.48 of a cent at US80.59¢ as Canada’s central bank left its key rate at 2.5% to cope with an economy that has weakened in recent months as the higher currency damaged export-related industries.

North American markets failed to cover their losses from Monday, but still posted solid gains thanks to strong performances from financial shares on Bay Street and oil stocks on Wall Street and from technology stocks on both sides of the border.

At close, Toronto’s S&P/TSX composite index was up 59.71 points or 0.62% at 9,728.03 after falling 73 points Monday. The junior S&P/TSX Venture composite index slipped 1.04 points or 0.05% at 1,994.81 after touching 2,000 during Monday for the first time since the junior market’s index was rejigged at 1,000 in late 2001.

On Wall Street, the Dow Jones industrial average gained 63.77 points or 0.59% at 10,830.00 after sliding more than 75 points on Monday.

The tech-heavy Nasdaq climbed 19.53 points or 0.95% to 2071.25 as the tech sector benefited from an upgrade of Intel Corp. by JPMorgan Chase & Co. to “overweight.” The S&P 500 index added 6.81 points or 0.57% to 1,210.41.