North American markets are expected to open higher Friday as investors await a reading on U.S. consumer confidence.

The University of Michigan releases its preliminary consumer sentiment index for June at 9:45 a.m. Eastern. Economists call for a reading of 89.0, up from the 86.9 final May reading.

Earlier Friday, the U.S. Commerce Department said the U.S. current-account gap widened to US$195.1 billion in the first quarter as Americans stepped up their purchases of consumer goods from overseas.

Economists had expected a widening to US$190.0 billion from US$187.9 billion in the fourth quarter.

Here at home, Statistics Canada said wholesale sales racked up a third consecutive monthly increase in April, growing 0.9%. Excluding the automotive sector, sales rose 0.4%.

In financial news, U.S. banking giant Bank of America said it has reached a deal to buy a 9% stake in China Construction Bank for US$2.5 billion. The deal marks one of the largest single foreign investments to date in China’s fast-changing banking sector.

In other business news, the CFO of Precision Drilling has resigned, just a few days after the company said it is considering converting into an income trust.

In a news release issued Thursday evening, the company did not offer any explanation for the departure of Dale Tremblay, who was also Precision Drilling’s senior vice-president of finance.

Toronto stocks surged ahead Thursday, powered by a red-hot resource sector, as the S&P/TSX composite index approached the symbolic 10,000-point plateau.

The composite index finished up 102.14, or 1.04%, to close at 9,968.71, after hitting a peak of 9,923.29 during the session.

Eight of the 10 TSX main groups closed higher, with the materials sector advancing a sizzling 2.71% and the energy group gaining 1.70%.

The junior S&P/TSX venture composite index closed up 17.86, or 1.05%, to finish 1,713.02.

In New York, stock markets moved up despite housing and unemployment numbers that gave investors scant indication on the likely direction of the economy or interest rates.

The blue chip Dow Jones industrial average rose 12.28, or 0.12%, to 10,578.65, the tech heavy Nasdaq composite index rose 14.23, or 0.69%, to 2,089.15, and the broad based S&P 500 index advanced 4.35, or 0.36%, to finish 1,210.93.