North American stocks are expected to open little changed Thursday following a three-day rally on Wall Street. North of the border, investors await a possible federal election call.

The Canadian dollar opened at US79.36¢, up 0.01 of a cent, after rising 0.37 of a U.S. cent on Wednesday. Today’s budget vote in the House of Commons after markets close should determine whether Prime Minister Paul Martin will call an election.

Earlier today, the U.S. Labor Department said initial jobless claims dropped by 20,000 to a seasonally adjusted 321,000 in the week that ended May 14. Economists expected jobless claims to decline by 10,000.

In other economic news, the U.S. Conference Board’s index of leading economic indicators will be released at 10:00 ET. Economists see an increase of 0.2% for April.

There are no major economic releases from Statistics Canada today.

Falling oil prices helped pushed Wall Street to a triple-digit gain Wednesday but held back Toronto stocks, although Bay Street still managed to finish in the black.

At close, the Standard & Poor’s/TSX composite index added 36.44 points or 0.39% to 9,407.84, while the TSX Venture Exchange edged up 0.20 of a point to 1,593.83.

In New York, the Dow Jones industrial average rose 132.57 or 1.28% to 10,464.45. Broader stock indicators were also higher. The S&P 500 index was up 11.76 or 1.00% to 1,185.56, and the tech-heavy Nasdaq composite index jumped 26.50 or 1.32% to 2,030.65.

U.S stocks rallied in the final hour of trading on tame inflation data and a drop in oil prices, with Hewlett-Packard a notable gainer after its CEO hinted at major restructuring plans for the tech bellwether.