NEW YORK (TheStreet) -- U.S. stock futures surged Friday after the Bank of Japan unexpectedly increased its annual stimulus targets by 10 trillion yen to 80 trillion ($717 billion). The move comes just as the Federal Reserve formally ends its monthly bond purchases, which supported U.S. financial markets in the wake of the financial crisis.

The BOJ previously had targeted annual stimulus of between 60 to 70 trillion yen. 

S&P 500 futures were trading higher by 1.13%, with the index poised to open over 2,000. The Nasdaq and Dow Jones Industrial Average futures were higher by 1.51% and 1.07%, respectively.

In corporate news, oil giants Exxon Mobil (XOM) - Get Report and Chevron (CVX) - Get Report beat third-quarter earnings estimates, as did drugmaker AbbVie (ABBV) - Get Report .

Stock futures were little impacted following a report that said consumer spending in the U.S. declined in September, the first decline in eight months.


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International markets surged on the BOJ’s stimulus increase, which wasn't expected by economists. Japan's Nikkei 225 surged almost 5% trading on Friday, while the Euro STOXX 60 and FTSE 100 rose 1.4% and 1.09%, respectively.

The U.S. dollar surged 2.33% vs. the Japanese yen to 111.75, while gold continued an October plunge, falling 2.18% to 1,172 per troy ounce.

Friday is a heavy day of corporate earnings. Hilton Worldwide (HLT) - Get Report reported better-than-forecast third-quarter earnings of 18 cents a share on revenue of $2.64 billion. Hilton shares were rising 2.76% to $25.70.

AbbVie reported better-than-expected third-quarter earnings of 89 cents a share. The drugmaker also adjusted its EPS guidance to $3.25-$3.27 from $3.05-$3.16. Shares in AbbVie were rising 3.79%.

Exxon Mobil reported earnings of $1.89 a share in the third quarter, beating estimates of $1.71. Shares in the oil giant were rising 1.11% in premarket trading. Chevron also beat earnings Friday morning, reporting $2.95 in third quarter EPS vs analysts forecasting $2.52 in EPS. Chevron shares were rising 1.96%.

Starbucks (SBUX) - Get Report missed analysts for its fiscal fourth quarter after the market closse on Thursday, reporting $4.18 billion in sales and earnings of 74 cents a share. Analysts had forecast $4.23 billion in sales and EPS of 74 cents. Starbucks shares were falling 3.88% in premarket trading.

GoPro (GPRO) - Get Report beat earnings after reporting a profit of 12 cents a share that exceeded analyst estimates by 4 cents. Shares in GoPro surged more 16% in premarket trading.

LinkedIn (LNKD) reported better-than-expected results and gave optimistic fourth-quarter guidance after the market close. The company reported adjusted earnings of 52 cents a share in the third quarter, exceeding forecasts of 47 cents. Full-year EPS is now expected to be $1.89, a slightly higher figure than analysts had forecast.

Citigroup (C) - Get Report revised its third-quarter earnings lower, saying that recent investigations by regulators have altered the results it reported earlier this month. The bank adjusted its quarterly net income to $2.8 billion from a previously reported $3.4 billion, citing legal expenses. Shares were falling 0.75%.

In economic data, personal personal income rose 0.2% in September, slightly less than the 0.3% rise economists had expected. Personal spending, meanwhile, fell 0.2% in September after rising 0.5% the previous month. That represented the largest drop in spending this year. Friday's economic calendar also includes Chicago PMI for October at 9:45 a.m. EDT, and the University of Michigan final sentiment index for October at 9:55 a.m.

On Thursday, U.S. stock markets surged after the Commerce Department said U.S. gross domestic product rose 3.5% in the third quarter.

GDP growth in the U.S. hit its strongest six-month pace since the financial crisis, while the four-week average of initial jobless claims in October was the lowest in a decade. U.S. gross domestic product grew 3.5% in the third quarter, beating economists' estimates.

"Headline growth was stronger than expected in the third quarter of the year, raising expectations for continued momentum in the final, fourth quarter of 2014 and beyond," said Lindsey Piegza, chief economist at Sterne Agee. "Momentum, however, will come from organic job and income growth spurring increased consumption and investment activity," she added.

GDP and employment data bodes well for the upcoming holiday season, especially if consumer confidence holds up amid falling gasoline prices. Earlier this week, the Conference Board said consumer confidence reached a seven-year high.

-- Written by Antoine Gara in New York

Follow @AntoineGara