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Wall Street set for further gains; oil majors eyed

Wall Street stock-index futures soared on Friday, as global markets rebounded after the U.S. posted better-than-expected third-quarter economic growth and Japan vowed more monetary easing.

Futures retained strong gains amid data that had U.S. personal income up 0.2 percent in September, versus expectations of 0.3 percent, while consumer spending fell 0.2 percent.

Chevron shares rose in pre-market trading after the oil producer reported quarterly earnings above estimates. Exxon Mobil also climbed after posting a 3 percent increase in profit.

The economy grew at an annualized 3.5 percent between July and September, beating expectations for a 3.0 percent rise. Unemployment claims came in close to forecasts.

And just as the Federal Reserve announced the end of its money-printing stimulus program Wednesday, the Bank of Japan stunned the markets by announcing an aggressive new round of quantitative easing.

The central bank promised to amp up purchases of exchange-traded funds and real estate investment trusts, extend the duration of its portfolio of Japanese government bonds, and increase the pace at which it expands its monetary base.

Taken together, the news pushed stock market futures to indicate a better than 1 percent gain across the major indexes.

"So much for the end of QE! The Bank of Japan's announcement today that is stepping up its asset purchases is a timely reminder that not everyone has to follow the Fed. " Julian Jessop, chief global economist at Capital Economics, proclaimed in a note Friday morning. "Further QE in Japan should help to support equity prices worldwide and especially in the euro-zone if expectations build that the (European Central Bank) will follow with full-blown QE of its own."


—CNBC's Jeff Cox contributed to this report.