Dow Futures Rocket on Energy Rumblings

Stock futures pointed to a higher opening for Canada's main stock index on Friday, as oil prices rose following supply cuts from Venezuela, Libya and Iran.

Futures for the Dow Jones Industrial Average thundered ahead 236 points, or 0.9%, to 26,369.

Futures for the S&P 500 hiked 19.5 points, or 0.7%, at 2,910.75

NASDAQ futures gained 44.5 points, or 0.6%, to 7,661.75

J.P. Morgan Chase jumped more than 2% in the pre-market as Wall Street cheered the company’s quarterly numbers. The bank’s better-than-forecast profit was driven by the “impact of higher rates. ” Wells Fargo is also scheduled to release its first-quarter earnings later on Friday.
Wells Fargo shares also climbed after better-than-expected results.

Investors came into the season expecting it to be a tough one for companies. Experts expected first-quarter earnings to have fallen 4.2% in the first quarter.

Sentiment was also boosted on Friday by a massive deal in the energy sector. Dow member Chevron announced plans to acquire Anadarko Petroleum for $33 billion in cash and stock. The deal values Anadarko at a 37% premium from the stock’s close on Thursday. Anadarko shares jumped 30% in the premarket while Chevron fell 4.3%

On the data front, import prices for March and consumer sentiment figures for April will be published Friday morning.

Overseas, in Japan, the Nikkei 225 climbed 0.7% Friday, while in Hong Kong, the Hang Seng Index up a mere 0.2%.

Oil prices gained $1.03 to $64.61 U.S. a barrel.

Gold prices strengthened $3.70 to $1,297 U.S. an ounce.