U.S. stock futures were higher Wednesday, pushed up by earnings news from corporate giants including J.P. Morgan Chase and Coca-Cola.

The May crude contract hit US$114.50 a barrel in electronic trading on the New York Mercantile Exchange. Crude for May delivery had closed up US$2.03 at a record US$113.79 a barrel Tuesday.

The Canadian dollar opened at US99.15¢ this morning, up 1.02 cents from Tuesday’s close.

In economic news, Statistics Canada reported a 1.6% rise in sales of manufactured goods in February, to $50.1 billion. The federal agency attributed the rise in part to a gradual bounce-back by Canada’s motor vehicle industry.

However, despite the increases, Stats Can said manufacturing sales were well off last year’s. February’s sales were 2.3% lower than the same month in 2007.

As well the U.S. Federal Reserve’s Beige Book, a commentary on current micro and macro economic conditions, is scheduled for release today.

Inflation and housing reports are also on deck south of the border.

In earnings news, Intel forecasted a 56% gross margin for Q2 and also announced revenue would be between $9 and $9.6 billion.

As well, J.P. Morgan Chase reported Q1 profit fell by 50%, beating expectations and surprising the Street.

Beverage giant Coca Cola reported a 19% increase in profits for Q1, also beating analysts’ forecasts.

Overseas, Asian markets were generally ahead, as Hong Kong’s Hang Sang index fell 22.98 points to 23,878.35, while the Shanghai composite Index fell 1.7%, losing 56.75 points to 3,291.59.

As well, the Japanese Nikkei 225 gained 1.2% to 13,146.13.

Meanwhile in Europe, London’s FTSE 100 index was up 0.9% near midday, rising 50.6 points to 5,957.5. The German DAX gained 0.6% and the Paris CAC 40 rose 0.8%.

On Tuesday, commodities stocks buoyed Toronto markets, as oil prices hit a record high and the gold sector closed up.

The S&P/TSX composite index surged ahead 112.35 points, or 0.82%, to close at 13,850.95.

The junior S&P/TSX Venture composite index closed down 0.29 points, or 0.01%, at 2,547.37.

In New York, markets were buoyed yesterday by positive earnings from Johnson & Johnson as well as reports from the New York Federal Reserve report that regional manufacturing improved in April.

The Dow Jones industrial average gained 60.41 points, or 0.49%, to close out at 12,362.47. The S&P 500 rose 6.11 points, or 0.46%, to close at 1,334.43.

The tech-heavy Nasdaq rose 10.22 points, or 0.45%, to 2,286.04.