Stocks are likely to stall early Friday as investors consider a weaker-than-expected second-quarter gross domestic product report and oil prices edge higher.

Markets in Toronto will be closed Monday for a civic holiday, but global exchanges will be open.

U.S. economic growth decelerated to a slower-than-expected pace in the second quarter as consumer spending was the weakest in three years.

GDP increased during April through June at a 3% annual rate, the Commerce Department said today, from a revised 4.5% pace in the first quarter.

Economists had expected a GDP growth rate of 3.7% for the second quarter.

Also this morning, crude-oil futures climbed US49¢ to US$43.24 a barrel, surpassing Wednesday’s 21-year high of US$42.90.

Asian stock markets closed higher overnight following Thursday’s gains on Wall Street. In Tokyo, the Nikkei rose 208.94 points, or 1.88%, to 11,325.78 points.

In Hong Kong, the Hang Seng rose 54.93 points to 12,238.03.

On Thursday, financial and tech stocks and some good news about the economy propelled markets in Toronto.

At close, Toronto’s S&P/TSX composite index moved up 86.87 points, or 1.04%, to 8,443.19. The junior S&P/TSX Venture composite index was up 8.63 points to 1484.93

Statistics Canada said the economy grew by a solid 0.3% in May following a slight advance of 0.1% in April. May’s figure was below analysts’ estimates, but it still suggests the economy is on track for annual growth of 4% to 4.5%.

One of the biggest TSX drops was the stock of CoolBrands International. Its shares tumbled $4.91 to $11.99 – almost 29% on top of Wednesday’s 6% loss – after it failed to extend a licensing agreement with Weight Watchers International. More than 6.1 million shares trades hands Thursday.

On Wall Street, the Dow Jones industrial average finished ahead by 12.17 points to 10,129.9, while the Nasdaq composite index gained 22.8 points, or 1.23%, to 1,881.06 and the S&P 500 climbed 5.06 points to 1,100.48.