Wall Street stock index futures pointed lower Thursday nvestors following the release of disappointing results from Merrill Lynch and Nokia.

Merrill Lynch reported a first-quarter loss of US$2.14 billion, worse than many observers had anticipated.

The brokerage recorded a further US$9 billion in write-downs on mortgage-related assets, leveraged loans and hedges.

As well a weaker than forecast result from cellphone giant Nokia Corp. offset a bigger than expected rise in IBM Corp. earnings reported late Wednesday.

IBM recorded a 26% profit rise, topping analyst forecasts, and upped its 2008 forecast.

Drug giant Pfizer said first-quarter net income fell 18% as generics invaded the market for two drugs and sales slipped again for its cornerstone drug Lipitor.

In today’s economic news, Statistics Canada reported the annual rate of inflation slowed to 1.4% in March, its lowest level since January 2007.

The Canadian dollar opened at US99.50¢, down 0.36 cent after surging up 1.73¢ on Wednesday.

In Canadian earnings news, action sporting-goods retailer West 49 Inc. tumbled to a full-year loss of $2.4 million, down from a prior-year profit of $4.1 million.

Crude oil slipped back slightly from record highs above US$115 a barrel. Oil was at US$114.75 a barrel on the New York Mercantile Exchange, off 18¢ from Wednesday’s settle and down from as high as US$115.54 overnight.

Gold edged up 50¢ to US$948.80 an ounce.

Overseas, Hong Kong stocks advanced 1.6%, tracking gains on Wall Street overnight and rises in oil company earnings amid record crude oil prices.

Japan’s Nikkei stock average rose 1.9%.

The FTSE 100 was down 0.3% near midday in London, while Germany’s DAX was up 0.3% and the Paris CAC-40 added 0.5%.

The Toronto Stock Exchange’s main index closed at its highest level in more than five months on Wednesday, buoyed by rising resources.

The S&P/TSX composite index jumped 248.53 points, or 1.79%, to 14,099.48. It was the TSX’s highest close since early November.

The junior S&P/TSX Venture composite index added 27.18 points, or 1.07%, to 2,574.55.

In New York, U.S. stocks surged ahead after Intel, J.P. Morgan Chase and other blue chips reported earnings that reassured investors worried that a weak economy would sap corporate profits.

The Dow Jones industrial average jumped 256.80 points, or 2.08%, to close at 12,619.27, while the S&P 500 rose 30.28 points, or 2.27%, to 1,364.71. The Nasdaq composite index powered ahead 64.07 points, or 2.80%, to close at 2,350.11.