Stocks are likely to rise at the open Friday, as oil prices ease and investors await a new batch of U.S. economic reports and the start of the fourth quarter.

Oil prices retreated early Friday, falling 19¢ to US$49.45 a barrel in New York trading.

In economic news, the University of Michigan will release its final reading on U.S. consumer sentiment for September at about 9:45 ET.

The Institute of Supply Management is due to release its manufacturing report for September at 10:00 ET. The Commerce Department is set to release the construction spending report for August at 10:00. Economists expect an increase of increase.

There are no major economic releases from Statistics Canada today.

In other business news, PeopleSoft’s board fired Craig Conway as the company’s CEO, citing a loss of confidence in his ability to lead the company. The software maker is fighting off a hostile bid from Oracle.

Overnight, shares also rose in Tokyo after an economic survey by the Japanese central bank showed increasing corporate optimism in Japan. The Nikkei gained 161.6 points, or 1.6%, to 10,985.17.

The market was closed in Hong Kong for a public holiday.

Gold stocks kept Bay Street in the black on Thursday, while Wall Street suffered as a major drug company was forced to take one of its leading products off the shelves.

At close, the S&P/TSX composite index was up 34.18 points or 0.40% at 8,668.29, while the mining-heavy S&P/TSX Venture composite index jumped 30.89 points or 1.93% to 1,629.38.

In New York, stocks were mixed. The Dow Jones industrial average lost 55.97 points 0.55% to 10,080.27, while the tech-heavy Nasdaq finished essentially flat, gaining 2.90 points or 0.15% at 1,896.94. The S&P 500 fell less than a point, 0.22 or 0.02%, to 1,114.58.

In Toronto, shares of Nortel Networks fell 20¢ or 4.46% to $4.28 after the company gave details of a previously announced job-cut program.

In New York, Merck & Co. said it is halting worldwide sales of its blockbuster arthritis drug Vioxx, once viewed as possibly being able to prevent some cancers, because new data from a clinical trial found an increased risk of heart attack and stroke. Shares of the pharmaceutical giant, which represents 3.27% of the Dow, fell 26.82%.