The Canadian Press

Rising oil prices and positive earnings reports could provide some lift to the Toronto stock market Wednesday.

The Canadian dollar moved ahead 0.16 of a cent to US95.99¢.

U.S. futures indicated a positive start to the trading day ahead of a pair of key economic reports. The Dow Jones industrial futures was ahead 34 points to 10,275, the Nasdaq futures rose 7.25 points to 1,806.5 and the S&P 500 futures gained 6.2 points to 1,099.4.

U.S. economic data are expected to provide further signs of an economic recovery.

The U.S. Commerce Department is expected to report construction of new homes and apartments rose 4.1% to an annual rate of 580,000 in January after construction fell in December because of bad weather.

A collapse of the U.S. housing market several years ago helped push the American and Canadian economies into recession, but recent reports on the sector have showed some signs of stability.

Industrial production likely also grew last month. Economists polled by Thomson Reuters forecast production at the nation’s factories, mines and utilities rose 0.6% last month, marking the seventh consecutive month of growth.

Stock markets surged on Tuesday on rising commodities and hopes that Greece can get its debt problems under control.

After promising support but providing no details of a bailout, the EU gave Greece a month to show results in its austerity plan to cut budget spending. It also wants details by Friday on its use of swaps to manage the size of its debt in past years.

“It will be interesting to see how dominant the Greece story remains now that the deadlines have been pushed to 16 March for a timeframe of action,” said Daragh Maher, analyst at Calyon Securities in London.

“This could see the story fade from radar screens and allow some of the ‘Greece discount’ to disappear from the euro as the market obsession moves onwards temporarily at least,’ he said.

Later in the day, minutes from the U.S. Federal Reserve’s latest policy meeting will be released.

The minutes will be scrutinized for signs that the U.S. central bank is getting to ready to undo its stimulus measures and eventually raise interest rates.

Oil prices extended gains above US$77 a barrel Wednesday after surging the previous day amid a weaker dollar, rising stock markets and expectations a growing U.S. economy will fuel increased crude demand. The March crude contract on the New York Mercantile Exchange gained 54¢ to US$77.55 a barrel.

The April bullion contract on the Nymex rose $6.10 to US$1,125.90 an ounce while March copper edged up 2¢ to US$3.24 a pound.

Earlier in Asia, Japan’s Nikkei 225 stock average jumped 2.7% and Hong Kong’s Hang Seng index climbed 1.3%.

London’s FTSE 100 index gained 0.94%, Frankfurt’s DAX was ahead 1.4% and the Paris CAC 40 was ahead 1.86%.

It was a heavy earnings day for Canadian investors.

Rogers Communications Inc. (TSX:RCI.B) announced an increase in its dividend and renewed a stock buyback program that will allow the company to purchase up to $1.5 billion worth of its publicly traded B shares in the coming year. The company reported a $310-million net profit in the fourth quarter of 2009, as revenue rose 4% from a year earlier to $3 billion.

Canada’s largest car and home insurer, Intact Financial Corp. (TSX:IFC), is raising quarterly dividends to shareholders by 6.25% following a $96.7-million net profit in the fourth quarter. The profit represents a big a turnaround from the $64.1-million loss reported a year earlier by the Toronto-based insurance company formerly known as ING Canada.

Grocer Loblaw Cos. Ltd. (TSX:L) said it earned $165 million or 60¢ per share in the fourth quarter. Canada’s largest grocery company’s said its sales for the 12-week period were $7.3 billion.

Investors will also take in earnings reports from gold miners Iamgold (TSX:IMG), Agnico Eagle Mines (TSX:AEM), Kinross Gold Corp. (TSX:K) and airline Westjet (TSX:WJA).

In the U.S., Deere & Co. continued a run of strong earnings reports this week. The heavy equipment maker reported a much better than expected fiscal first-quarter profit, and raised its full-year earnings outlook.

Meanwhile, Walgreen Co. is buying New York-area drugstore operator Duane Reade.

Walgreen Co. says the deal is worth about US$1.075 billion but that includes an undisclosed amount of debt.