Stocks look set to rise this morning on hopes for quick economic recovery.

Some strong data is pointing in that direction, and U.S. Federal Reserve chairman Alan Greenspan is expected to testify to Congress to that effect today.

The latest positive data in U.S. durable goods orders for January, which were up 2.6%. This marks the third increase in the last four months and is a sign of recovery in manufacturing.

In Canada, the Industrial Product Price Index fell 1.2% in January compared with January 2001, the fourth consecutive month of decline. On an annual basis, petroleum and coal product prices fell a substantial 26.1%.

If petroleum and coal product prices had been excluded, the IPPI would have increased 0.6% instead of declining 1.2%. On a month-to-month basis, industrial prices were up 0.9% in January from December, after declining 0.9% in December from November.

Also, manufacturers paid 13.0% less for their raw materials in January than they did in January 2001, the sixth consecutive month of decline. Mineral fuels were responsible for most of the drop in the Raw Materials Price Index, wood products and non-ferrous metals also fell.

On the jobs front, December average weekly earnings for all employees were virtually unchanged from November at $671.43. Compared with December 2000, average weekly earnings were up 1.9%.

In Europe, stocks are also rallying on good economic feelings. The FTSE is up 23 points to 5,162. The CAC 40 has added 49 points to 4,390. And, the DAX is up 59 points to 4,956.

Overnight in Asia, stocks couldn’t help but join the rally too. The Nikkei gained 370 points to 10,573. The Hang Seng added 102 points to 10,648.

In earnings news, Dynacare Inc. reported net earnings for the fourth quarter more than tripled to $1.8 million from $0.6 million in the fourth quarter of 2000.

Alliance Atlantis Communications Inc. saw its profits rise 37% to $21.7 million in its third quarter.

Canadian Natural Resources Limited reported that its latest full year earnings amounted to $698 million, compared with $782 million in 2000. Fourth quarter earnings came in at $52 million.

Finally, Falconbridge has a new president and CEO in Derek Pannell, who is currently the president and COO of Noranda Inc., the controlling shareholder of Falconbridge, a position he will continue to hold.