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Wall Street encouraged by nonfarm payrolls

U.S. stock index futures reversed to signal a mildly higher open on Friday after better-than-expected U.S. nonfarm payrolls data.

Earlier, futures had pointed to a lower open as Thursday's global market boom petered off.

The U.S. Labor Department said 252,000 nonfarm jobs were created in December, above consensus forecasts for 240,000 nonfarm jobs, but still down from 321,000 in November. The unemployment rate fell more than expected to 5.6 percent.

Read MoreJob creation pushes higher, rate falls again

"Bottom line, an unemployment rate of 5.6 percent puts it just three tenths away from the Fed's year end 2015 target of 5.2-5.3 percent," said Peter Boockvar, chief market analyst at The Lindsey Group. "Yes, wage growth continues to be lackluster but the Fed won't likely wait to see the whites of its eyes as the continued drop in the unemployment rate is further signs of labor market tightening and another drop in the participation rate is clear evidence that the slack the doves are relying on is just not there."

There will also be average hourly earnings readings on Friday, along with wholesale inventories and a speech by Richmond Federal Reserve President Jaffrey Lacker on the economic outlook.

The day will be a quieter one for earnings, with Acuity Brands one of the few companies posting numbers.

Stocks to watch include Macy's, after it announced on Thursday that it was closing more than a dozen stores and expected to take charges of up to $110 million relating to merchandising and marketing restructuring.

U.S. stocks surged for a second day on Thursday, with benchmarks turning higher for the year, as oil steadied and on thinking the Federal Reserve and the European Central Bank would buttress the global economy.