The Toronto stock market was set for a rise Friday as oil moved higher, briefly shooting above $100 a barrel, and sentiment improved on signs the U.S. economy is moving in a positive direction.

The Canadian dollar gained 0.25 of a cent to 98.18 cents US.

Oil futures climbed above the $100 mark before inching lower as improved growth in the U.S. is expected to boost demand for crude. The February crude contract was up 27 cents to $99.80 a barrel.

The February gold contract slid $1.30 an ounce and the March copper contract was up five cents to $3.47.

Investors were set to hear figures on Canada’s gross domestic product growth in October on Friday morning.

On Wall Street, Dow futures were up 55 points at 12,158 and S&P 500 futures were higher by 6.7 points at 1,255.8. Nasdaq futures were ahead 8.75 points to 2,269.5.

Trading volume is expected to be low Friday and into next week as many traders take a break over Christmas and New Year. The TSX and most global markets are closed Monday for Christmas, while Toronto markets will remain closed on Tuesday for Boxing Day.

Investor sentiment has been cheered up in recent weeks by evidence of a rebound in the U.S. _ the world’s biggest economy and a crucial export market for many countries in Asia.

On Thursday, data showed the number of people applying for unemployment benefits dropped last week to the lowest level since April 2008, the third week in a row that applications fell. The Conference Board reported that its measure of future economic activity jumped last month, the second straight gain.

Investors were also encouraged by an agreement in the U.S. Congress to extend a payroll tax cut for two months.

China’s benchmark in Shanghai gained 0.9% to 2,204.78 and Hong Kong’s Hang Seng rose 1.4% to 18,629.17. Japan’s financial markets were closed for a public holiday.

Chinese shares were pushed higher by the announcement of government plans to begin construction of as many as eight million subsidized homes, half of which should be completed next year. Shares in cement, power, and real estate companies led gains.

Credit ratings agency Fitch said it expects growth in Asia’s developing economies will slow slightly next year but still expand by a robust 6.8%, which should help bolster the region’s wealthier nations.