Stocks poised for a rebound

NEW YORK (CNNMoney.com) -- Stock futures pointed to a higher open Friday after the government said the economy lost fewer-than-expected jobs last month, while the unemployment surged to a 25-year high.

At 9:16 a.m. ET, the Dow Jones industrial average, S&P 500 and Nasdaq-100 futures had eased off earlier highs but still pointed to a positive open.

Futures measure current index values against perceived future performance and offer an indication of how markets may open when trading begins in New York.

Wall Street pulled back Thursday as investors took a breather after a two-month old rally. The Dow lost 1.2%, the S&P 500 fell 1.3% and the Nasdaq composite tumbled 2.4%. But stocks rose in extended trading Thursday after the government released the results of its bank stress tests.

Jobs: The economy lost 539,000 jobs in April, the Labor Department reported. Economists surveyed by Briefing.com had forecast a loss of 600,000 jobs.

April's loss was 160,000 fewer than in March, and was the lowest since October, when the economy shed 380,000 jobs.

As expected, the nation's unemployment rate rose to 8.9% in April from 8.5% the month before. It was the worst reading since September 1983.

"On balance, the story is that the pace of monthly job losses may be coming down," said Hugh Johnson, chief investment officer at Johnson Illington Advisors. "That's good news that will help the markets."

But he cautioned that the increase in the unemployment rate and upward revisions to February and March totals make the jobs picture "far more mixed."

Banks: After U.S. markets closed Thursday, federal regulators said 10 of the 19 largest U.S. banks will need to raise a total of $74.6 billion in capital.

Investors, who have been speculating for weeks just how much additional capital some banks may need to withstand the economic downturn, appear relieved that the results are finally out in the open.

"We passed the stress test fairly well," Johnson said. "Although there are some problems among the 19 banks, they were not as significant as we thought two weeks ago."

Corporate results: Before the market opened, Fannie Mae (FNM, Fortune 500) reported a $23.2 billion loss for its first-quarter and said it requested another $19 billion from the government.

Warren Buffett's Berkshire Hathaway (BRK.A) is slated to issue its financial results after U.S. markets close.

Embattled insurer AIG (AIG, Fortune 500) said late Thursday that it narrowed its quarterly loss by 44% to $4.4 billion.

World markets: Asian stocks finished the session higher. European markets were also higher in morning trading, with financial shares leading the advance.

Money and oil: The dollar rose versus the yen, but slipped against the euro and the British pound. The price of oil rose $1.17 to $57.89 a barrel.