U.S. stock futures moved higher Friday after upbeat results from Dell and gains at overseas markets after two days of steep drops.

U.S. and Canada stocks tumbled on Thursday as financial shares plunged and commodity prices kept falling.

Better-than-expected results from Dell offered some reassurance that companies are earning solid profits during the economic downturn.

In banking news, the Wall Street Journal reported that Citigroup Inc. is considering selling all or part of itself following a plunge in its stock price.

In other earnings news, clothing chain Gap said Thursday its profit rose 3% and backed its annual earnings outlook.

H.J. Heinz reported a 22% increase in fiscal second-quarter net income on higher prices and a currency-hedge gain.

J.M. Smucker Co. said fiscal second-quarter net income edged up 2.6%, as price increases and acquisitions helped offset the impact of higher marketing and food costs.

Here at home, the Canadian dollar, which plunged 2.52¢ yesterday, opened at US78.04¢, up 0.73¢ after Statistics Canada reported the headline inflation rate eased last month to 2.6%, from 3.4% in September.

In commodities news, the near-month crude oil contract was up 87¢ at US$50.29 on the New York Mercantile Exchange.


Overseas, the UK FTSE 100 Index rose 1.3% in London and the Nikkei 225 Index climbed 2.7% in Tokyo, even though Japan’s central bank decided to keep its key interest rate unchanged.

Stocks in Toronto took a sharp nosedive on Thursday as double-digit percentage drops for financial firms and energy companies pulled the benchmark index down 9%.

The S&P/TSX composite index plummeted 765.80 points to close at 7,724.76, its lowest level since November 2003.

The day wasn’t much brighter for junior companies on the TSX. The S&P/TSX Venture index fell 38.14 points, or 5.2%, to 691.95.

In New York, news of a jump in weekly U.S. unemployment claims to a 16-year high set the tone for another difficult day on the markets. Some of the main indexes closed at their lowest levels in years.

The Dow Jones industrial average shed 444.99 points, or 5.6% to 7,552.29 — its lowest closing point in five and a half years.

The S&P 500 index fell 54.14 points, or 6.7%, to 752.44 — an 11-year low. The Nasdaq composite lost 70.3 points, or 5.1%, to end at 1,316.12.

IE