U.S. stock futures climbed Tuesday, after General Motors released better-than-expected earnings.

GM said it swung to a fourth-quarter net loss of US$722 million, or US$1.28 a share, compared with net income of US$950 million, or US$1.68 a share, in the same period a year ago. The results were less harsh than analysts had predicted.

For the full year, GM posted a net loss of US$38.7 billion, the largest annual loss for an automotive company. The automaker said it is offering a fresh round of buyouts to U.S. hourly workers in a bid to shed costs.

In other earnings news, write-downs of US$1.88 billion for investment banking and money-market funds led net profit at Credit Suisse to shrink 72% in the fourth quarter. The Zurich-based bank said it envisions a “superior performance: going forward.

Marsh & McLennan, Indymac, Qwest Communications, Coca-Cola Enterprises, and Schering Plough are also posting results Tuesday.

There are no major economic releases from Statistics Canada today.

The Canadian dollar opened at US100.22¢ this morning, up almost two-fifths of a cent from Monday’s close.

On Monday, Finance Minister Jim Flaherty announced he will deliver his third federal budget on February 26.

Crude oil futures fell more than US$1 in London trade as investors took profits from crude’s recent rally ahead of weekly U.S. inventory data, which is expected to reveal further builds in crude stockpiles. March light, sweet, crude was trading US$1.22 lower at US$92.37 a barrel on the New York Mercantile Exchange.

Overseas, Japan’s Nikkei stock average closed up 0.04% and Hong Kong’s Hang Seng index rose 1.35%. In afternoon trading, Britain’s FTSE 100 was up 1.26%, Germany’s DAX index rose 1.4% and France’s CAC-40 advanced 1.42%.

Resource, energy and technology shares combined to push the Toronto stock market higher Monday.

The S&P/TSX composite index closed up 141.58 points, or 1.09%, at 13,130.92.

The junior S&P/TSX Venture composite index ended the session up 14.71 points, or 0.58%, at 2,541.53.

In New York, U.S. stocks rallied after early losses from news of American International Group Inc.’s potential credit-related trouble. Tech shares were boosted by Yahoo Inc.’s rejection of Microsoft Corp.’s takeover offer.

The Dow Jones industrial average gained 57.88 points, or 0.48%, to end the session at 12,240.01.

The S&P 500 rose 7.84 points, or 0.59%, to 1,339.13.

The tech-heavy Nasdaq jumped 15.21, or 0.66%, to 2,320.06.