Wall Street set for higher open
Futures gain momentum as investors eye beaten down shares; oil prices head lower.
LONDON (CNNMoney.com) -- U.S. stock futures pointed to a higher open Friday as lower oil prices helped buoy sentiment after two straight sessions of declines.
At 5:06 a.m. ET, Nasdaq and S&P futures were higher, suggesting gains at the opening bell.
Stocks have gyrated recently amid ongoing concerns about the frail economy and financial sector. The major gauges attempted a comeback Thursday but finished the session lower.
Investors will take in a report on personal income and spending at 8:30 a.m. ET. They'll also digest the University of Michigan's reading on March consumer sentiment, which is due out at 10 a.m. ET.
In major corporate news, Bear Stearns (BSC, Fortune 500) chairman James Cayne sold his entire stake in the investment bank after JPMorgan (JPM, Fortune 500) quintupled its takeover bid for the firm, according to a filing made with the SEC late Thursday.
The move suggests that Cayne, who made $61 million on the stock sale, doesn't believe Bear will receive a higher bid from JPMorgan and that the deal will go ahead at the $10 a share offered price.
Mortgage-finance firms Fannie Mae (FNM) and Freddie Mac (FRE, Fortune 500) may raise as much as $20 billion in capital as part of an agreement that allows them to buy more debt securities, Bloomberg reported.
In global trade, shares in Japan finished higher. European markets edged higher in early trading. 
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