Gold stocks helped keep Canadian markets in the black Wednesday morning, while U.S. markets were deflated by disappointing profit numbers that overshadowed a positive report on inflation.

At midday, the S&P/TSX was ahead by just 3.25 points or 0.04% to 9,138.02 after jumping almost 71 points on Tuesday. Volume was 151 million shares.

The junior S&P/TSX Venture composite index was up slightly, by 1.53 point or 0.09% to 1,798.28.

In New York, the Dow Jones industrial average was down 37.76 points or 0.36% to 10,591.03 after adding 71 points Monday.

The tech-heavy Nasdaq composite index was off 16.88 or 0.80% to 2,089.16 and the S&P 500 was off 5.31 points or 0.44% to 1,190.67.

The Canadian dollar continued to slide, losing 0.20 of a cent to US81.49¢.

Oil prices traded lower in New York trading as the energy markets awaits key weekly inventories data, issued in separate reports from the Energy Department and the American Petroleum Institute. The reports will be delayed to 5 p.m. Eastern from their usual 10:30 a.m. release time because of Monday’s holiday observance of Martin Luther King’s birthday.

Most analysts expect the crude data, covering the week ended Jan. 14, to reflect increases in inventories. Crude for February delivery was down 28¢ at US$48.10 a barrel.

In economic news, inflation reports were out for both sides of the border. In Canada, less expensive gasoline prices at the pump helped hold the annual inflation rate to 2.1% in December, Statistics Canada said. That’s compares with the 2.4% annual rate reported in November.

In the U.S., the consumer price index fell 0.1% in December, helped by lower gasoline costs, the Labor Department said in Washington. There was other good economic news: Housing starts rose 11% last month, the most in seven years, the Commerce Department said. Initial jobless claims last week had the biggest drop in three years, the Labor Department reported.

On Bay Street, the TSX gold subindex was up 0.76% at midday and the mining and metals subindex added 0.91%, as gold futures were higher, with the benchmark February contract gaining $2.50 to US$427.20.

Financials were flat, while energy stocks were off 0.41% as a whole. Techonology shares slid 1.21%. All told, six of the 10 TSX subgroups were down.

Industrial stocks were up 0.22%.

In financial sector news, Manulife Financial Corp. announced Wednesday that its Manulife-Sinochem Life Insurance joint venture has been authorized to sell group life and health policies and enter the pension business. Manulife-Sinochem is owned 51 per cent by the Canadian insurer and 49 per cent by China Foreign Economic and Trade Trust and Investment Co., a unit of state-owned Sinochem Corp. Manulife shares were off 0.02% to $54.49.

On Wall Street, the positive economic data however was not enough to offset some disappointment over today’s batch of quarterly earnings.

Shares of JP Morgan Chase & Co slid 0.1% to US$38.36, sparked by fourth quarter earnings, which came up shy of analyst estimates due to a $650 million charge.

Pfizer Inc. was down 0.55% in late morning to US$25.16. Although the drug giant’s adjusted quarterly results came in a penny shy of estimates, investors applauded stronger-than-expected revenues brought about by strong sales of its cholesterol-lowering drug Lipitor and favorable foreign currency effects.

Shares of General Motors Corp dipped 0.03% to $36.76 despite the carmaker’s fourth quarter earnings coming in well above analyst estimates.

Elsewhere, IBM shares slipped in morning trading as analysts viewed its fourth quarter results as solid, if a little unexceptional.

Overseas, Tokyo’s Nikkei stock average dipped 17.92 points to 11405.34.

Hong Kong’s Hang Seng index rose 74.41 to 13678.63.

London’s FTSE 100 was ahead 1.1 points at 4825 just before the close.

Frankfurt’s DAX 30 was off 1.37 points at 4249.34 while the Paris CAC 40 was off 2.49 points at 3872.53.