Markets opened higher Wednesday, lifted by positive earnings south of the border and rising commodities. The Toronto Stock Exchange's S&P/TSX composite index rose 22.3 points, or 0.18 per cent, to 12,123.81. On the New York Mercantile Exchange, oil gained 57 cents U.S. to $84.62 U.S. a barrel and gold rose $3 to $1,156.40 U.S. an ounce. The Canadian dollar was trading at 100.14 cents U.S., up 33 basis points — mainly on a weaker U.S. dollar as Singapore revalued its exchange-rate policy band. In the U.S., the Dow Jones industrial average rose 46.48 points, or 0.42 per cent, to 11,065.9, while the Nasdaq composite index was up 19.7 points, or 0.8 per cent, to 2,485.69. After the close Tuesday, the first of the big banks to report earnings, JP Morgan Chase & Co. and technology giant Intel Corp. both reported better-than-expected earnings, giving markets a boost. Also in the U.S., retail sales rose by a better-than-expected 1.6 per cent in March over February. "The report points to a significant pickup in consumer spending in the first three months of this year, and suggests that personal consumption will provide a significant boost to first-quarter GDP," Millan Mulraine at TD Securities wrote in a note. U.S. consumer prices rose 0.1 per cent in March — in line with expectations — mainly on food prices. Excluding food and energy prices, core CPI was unchanged for the month after rising 0.1 per cent in February. Investors are also looking to Federal Reserve Chairman Ben Bernanke's testimony on the economic outlook before Congress Wednesday at 10 a.m. ET. Bernanke is expected to reaffirm a pledge to keep rates low for an "extended period" due to low growth forecasts and low inflation figures. Markets were also higher overseas. In Asia, Singapore revalued its currency after announcing it will re-centre the exchange rate policy band, shifting to one of "modest and gradual appreciation" on higher 2010 growth estimates, raising speculation that China could be next. The Nikkei in Japan closed up 43.67 points, or 0.39 per cent, to 11,204.9, while Hong Kong's Hang Seng rose 17.9 points, or 0.08 per cent, to 22,121.43. London's FTSE gained 44.07 points, or 0.76 per cent, to 5,805.73 at midday. In Frankfurt, Germany's DAX rose 58.03 points, or 0.93 per cent, to 6,288.86, and the Paris CAC added 27.92 points, or 0.69 per cent, to 4,059.91. On Tuesday, the S&P/TSX composite index closed down 47.15 points, or 0.39 per cent, to 12,101.52. The Dow was up 13.45 points, or 0.12 per cent, at 11,019.42. The Nasdaq was ahead by 8.12 points, or 0.33 per cent, to 2,465.99.

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