North American market are expected to rebound Wednesday morning, helped by a solid final reading on U.S. economic growth in the fourth quarter.

The Commerce Department said today that gross domestic product increased at a 3.8% annual rate during October through December, the same rate estimated a month ago, as corporate profits make the biggest increase in three years.

The latest estimate for fourth-quarter GDP growth was slightly lower than economists’ projections for a revised rate of 4.0%.

Here at home, Statistics Canada said monthly prices for manufactured goods at the factory gate rose in February for a third consecutive month, posting their largest monthly increase since May 2004.

StatsCan added that raw materials prices were up for a second month in a row as prices for crude oil continued to increase.

The Canadian dollar opened at US82.54¢, up 0.05 of a cent. On Tuesday, the loonie had risen 0.46 of a cent as a week-long rally in the U.S. dollar paused.

In this morning’s business news, insurance giant American International Group said it plans to delay its 2004 annual report filing to give its board and new management time to review its books, and that documentation of the General Re transaction was improper.

Also today, senior officers from Canada’s banks will be speaking at the National Bank Financial Canadian Financial Services Conference in Montreal.

On Tuesday, tumbling metals and tech stocks hit Bay Street, while higher oil prices and disappointing consumer data took its toll on Wall Street.

At close, Toronto’s S&P/TSX composite index was down 86.96 points, or 0.92%, at 9,395.42. It was the seventh-straight loss for the TSX

In Toronto, base metals stocks were hit especially hard on concern that a faster pace of interest rate increases in the U.S. may curb demand for nickel, copper and other base metals.

The TSX metals and mining sub-group was off 4.02%. while the material group fell 2.32%.

Shares in computer graphics chip maker ATI Technologies Inc. gave up 27¢ to $19.95 after the company was reprimanded by the Ontario Securities Commission and ordered to pay $900,000 Tuesday in a case centering on disclosure of a sales and profit slowdown.

The SP&/TSX Venture composite index tumbled 46.46 points, or 2.45%, to 1,855.81.

U.S. stocks ended lower on Tuesday as crude oil prices rebounded and a 4.7% decline in heavy equipment maker Caterpillar Inc. hit the Dow.

The Dow was down 79.95 points, or 0.76%, at 10,405.70 and the S&P 500 fell 8.92 points, or 0.76%, at 1,165.36. The tech-heavy Nasdaq composite index was down 18.64 points, or 0.94%, at 1,973.88.