NEW YORK (
) -- Stock futures were pointing to a stronger open Friday, extending the previous session's gains, after action from the Group of Seven to weaken the yen.
Futures for the
Dow Jones Industrial Average
were up by 85 points, or 88 points above fair value, at 11,796. Futures for the
were higher by 10 points, or 10 points above fair value, at 1279, and
futures were ahead by 16 points, or 19 points above fair value.
On Thursday, stocks finished higher for the first time in four days as encouraging economic data helped offset fears about Japan's ability to prevent a nuclear meltdown.
Finance ministers in the G-7, which includes the world's most industrialized nations
coordinated an intervention to stem the yen's spike since Japan's earthquake a week ago. The gain is threatening Japan's economy by making it more expensive for companies to export products.
The dollar rose to 81.37 yen, from 78.95 late Thursday. The dollar index was down by 0.04%.
Japan's Nikkei jumped 2.7% and Hong Kong's Hang Seng rose 0.07% even as the
People's Bank of China ordered its banks to raise reserves by 0.5% of deposits in its third move this year to cool inflation. London's FTSE was gaining 0.3% and the DAX in Frankfurt was rising 0.5%.
With no economic releases scheduled for Friday's session, investors are likely to focus on Japan's efforts to contain its nuclear plant crisis and the conflict in Libya. The
United Nations authorized military strikes against forces loyal to Libyan dictator Moammar Gadhafi, clearing the way for European and U.S. airstrikes.
In company news,
shares were down 7.7% at $78.86 ahead of Friday's opening bell after the
athletic apparel company said rising costs will hurt its margins. On Thursday, the company said it earned $1.08 a share in its most recent quarter, falling short of analysts' estimates for $1.11.
saw shares slip 2.3% to $37.97 in early trading
after it said it would halt production in Japan until March 23, three days longer than expected, as the nation struggles to recover from last week's earthquake.
said it is
in exclusive talks to acquire a 50% stake in French yogurt company
In commodity markets, the April crude contract was gaining 63 cents to trade at $102.05 a barrel. The April gold contract was ahead by $11.90 to trade at $1,416.10 an ounce.
The benchmark 10-year Treasury was largely unchanged with a yield of 3.255%.
--Written by Melinda Peer in New York
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.