North American stocks are pointing higher Wednesday morning, bolstered by a stronger-than-expected reading on U.S. first-quarter gross domestic product and lower oil prices.

The U.S. Commerce Department said the U.S. economy grew at a 3.8% annual rate in the first quarter, a better performance than earlier estimated, as corporate profits rose 1.2% and inflation gauges were revised lower

Later today, the U.S. Energy Information Administration will release crude-oil inventory data for the week ended June 24. Analysts expect crude stocks to show a decline of 1.5 million barrels as refiners ramp up production for the high-demand summer driving season.

Oil prices slipped 50¢ to US$57.70 a barrel in early trading Wednesday

There are no major economic reports from Statistics Canada today.

In banking news, John Hunkin this morning announced he will retire as chief executive of CIBC on August 1 after 36 years at the bank.

Gerry McCaughey, 49, current president and chief operating officer, will succeed Hunkin and become a member of the board of directors.

In earnings news, tech bellwether Oracle said its net income rose 3.2% in its fiscal fourth quarter, driven by higher software revenue, particularly in its flagship database business. Overall revenue rose 26%.

A retreat in the price of oil did not deter Toronto stocks from closing higher Tuesday, and helped New York markets post strong gains. The S&P/TSX composite index finished up 42.94 points, or 0.43%, at 10,041.03.

Nine of the 10 TSX main were up, with the heavily weighted financials sector, which went up 1.76%, leading the way. Only the energy sector, which fell 1.18%, was down.

The junior S&P/TSX Venture composite index slipped 3.95, or 0.23%, to finish at 1,709.37.

On Wall Street, the blue chip Dow Jones industrial average jumped 114.85 points, or 1.12%, to 10,405.63, ending a seven-session losing streak.

The tech heavy Nasdaq composite index gained 24.69, or 1.21%, to finish 2,069.89, while the broad based S&P 500 closed up 10.88, or 0.91%, to 1,201.57.