After a slow start, markets moved into the black Wednesday morning as another jump in oil prices helped push Bay Street and upbeat comments about the U.S. economy from Federal Reserve Chairman Alan Greenspan spurred Wall Street.

At midday, the S&P/TSX was up 37.07 points or 0.38% at 9765.10 after moving 59.71 points higher Tuesday. The TSX Venture Exchange WAS DOWN 7.19 OR 0.36% at 1987.62. On Wall Street, the Dow industrial average was ahead by 22.54 points or 0.21% at 10852.54 after moving up 63.77 points in the previous session. The Nasdaq added 8.92 points or 0.43% at 2080.17 after climbing 19.53 points Tuesday while the Standard & Poor’s 500 index gained 3.72 points or 0.31% to 1214.13.

The Canadian dollar was 0.04 of a cent at US80.64¢.

On the S&P/TSX, oil, gold and technology stocks provided the upward thrust. Oil stocks, up 0.45% as a group, got a boost from crude-oil futures which topped US$52 a barrel after the Energy Department said that U.S. distillate supplies fell last week but that crude and gasoline inventories rose. On the New York Mercantile Exchange, crude for April delivery was last at US$52.40 a barrel, up 72¢.

Tech stocks jumped 1.88% as a whole, led by Nortel Networks Corp., which added 16¢ or 4.49% to $3.72 on volume of more than 11 million shares.

Gold issues were ahead as well, adding 0.66%, with Placer Dome Inc. among the more active; its shares were up 11¢ or 0.53% $21.06 on heavy volume.

Financial stocks were up 0.16% as a group.

In New York, stocks were focusing on Greenspan and not rising oil prices.

Greenspan was upbeat about the economy in remarks to the House Budget Committee, and, at least in the first part of his testimony, did not hint at any upcoming changes to the Fed’s monetary policy. He called for Social Security reforms, and said hiking taxes would be negative for the economy right now.

Decliners slightly outnumbered advancing issues on the New York Stock Exchange.

Overseas, Japan’s Nikkei stock average added 0.28%. In afternoon trading in Europe, France’s CAC-40 rose 0.05%, Britain’s FTSE 100 declined 0.18% and Germany’s DAX index gained 0.17%.