Updated from 12:52 a.m. EST

Stocks in Asia closed higher Friday on light volume buoyed by gains on Wall Street that have stretched to four straight days.

U.S. markets were closed Thursday for the Thanksgiving holiday.

Japan's Nikkei 225 stock average rose 1.7% to 8512.27. Japan's government reported the country's industrial production fell 3.1% in October from the previous month, as the global slowdown forced companies to cut output. The country's unemployment rate stood at 3.7% in October, down slightly from the month before.

Shares of

Panasonic

( PC) were lower as the consumer electronics maker slashed its earnings forecast.

The Hang Seng index in Hong Kong rose 2%, while the S&P/ASX 200 index in Australia finished higher by 4.3%.

Stocks in India edged lower after a one-day suspension of trading because of terrorist attacks in Mumbai, the country's financial center, that left at least 119 people dead. The benchmark Sensex index fell 0.4%.

Across Asia, the Mumbai attacks -- as well as Bangkok's airport shutdown, which entered its fourth day -- did little to dampen improving investor sentiment. Thailand's SET index rose about 2%.

Stocks in Europe were trading slightly lower. The FTSE 100 index in London fell 0.04%, while the DAX in Frankfurt was trading down by 0.03%. Shares of

STMicroelectronics

(STM) - Get Report

declined as the chipmaker reduced its fourth-quarter revenue forecast.

Premarket futures in the U.S. have reversed course from earlier and are now indicating a higher open for stocks on Wall Street Friday.

S&P 500

futures rose 0.40 points to 889.90, and were 3.07 points above fair value.

Nasdaq

futures rose 1.75 points to 1196.75, and were trading 3.39 points above fair value.

On Wednesday, stocks in the U.S. rallied to close with solid gains. The

Dow Jones Industrial Average

finished up 247.14 points, or 2.9%, at 8726.14, and the S&P 500 added 30.29 points, or 3.5%, at 887.68. The Nasdaq led the move higher with a gain of 67.37 points, or 4.6%, at 1532.10. The day's gains marked the fourth straight winning session for the Dow and the S&P 500.

Oil prices fell below $54 a barrel Friday in Asia as a gloomy outlook for global crude demand overshadowed hopes OPEC will announce a production cut this weekend.

Light, sweet crude for January delivery was down 95 cents to $53.45 a barrel in electronic trading on the

New York Mercantile Exchange

. Trading was closed Thursday in the U.S. for the Thanksgiving holiday.

Oil prices have fluctuated between $50 and $55 this week, pausing after a fall of more than 60% since reaching a record $147.27 in mid-July.

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