But investors looked ready to pull back Friday as crude futures
rebounded. A barrel of light sweet crude rose $1.44 to $132.25 a barrel
in electronic trading.
Trading is also likely to be light ahead of the holiday weekend, which
would add to market volatility. U.S. markets will be closed Monday for Memorial Day.
The only economic report on tap is a reading on April existing home sales, due out at 10 a.m. ET.
Economists surveyed by Briefing.com forecast that sales fell to an an
annual pace of 4.85 million from 4.93 million, which would once again
mark a record low for that closely watched reading.
In corporate news, British oilfield services firm Expro International
Group said Friday that it has received a $3.36 billion offer from U.S.
rival Halliburton, which would top an already
agreed to $3.16 billion bid from a consortium of private equity firms
and investors that includes Goldman Sachs.
Yahoo announced late Thursday it has delayed its
annual meeting originally set for July 3 to sometime at the end of that
month. The Internet firm is facing a proxy fight over its board of
directors with investor Carl Icahn, who is angry at the firm for
shunning an unsolicited takeover offer from Microsoft.
Clothing retailer The Gap posted sharply higher
earnings that topped both its guidance and analysts forecasts, despite
missing sales targets once again. Still the improvement in the bottom
line lifted shares 2.5% in after-hours trading.
Workers at U.S. auto parts maker American Axle & Manufacturing Holdings
(AXL) are set to return to work next week after 78% voted in favor a
new four-year deal that contains wage concessions. The nearly
three-week strike had crippled production of the large SUVs and and
pickup trucks at General Motors, its major customer.
UAL Corp. unit United Airlines and US Airlines Group,
which last fall both won federal approval to begin highly coveted
routes to China, are postponing the launch of the new services because
of high fuel costs, the airlines announced late Thursday.