Photo: The Canadian Press. All rights reserved.

A Toronto Stock Exchange ticker is seen at The Exchange Tower in Toronto on August 18 2011. THE CANADIAN PRESS/Aaron Vincent Elkaim

The Toronto stock market looked set for a positive start to Friday's session amid higher oil prices and a strong earnings report from American banking giant JPMorgan Chase.

The Canadian dollar rose 0.18 of a cent to 102.36 cents US.

New York futures were also positive after the bank handed in a record quarterly profit of US$5.7 billion, up 34 per cent from a year ago, as the bank set aside less money for bad loans. Earnings were $1.40 per share, far exceeding the $1.21 predicted by analysts polled by FactSet.

Revenue rose six per cent to $25.1 billion, beating expectations of $24.4 billion.

JPMorgan stock was up 0.88 per cent to US$42.10 in premarket trading. The stock was as low as $31 in early June, after the bank announced a surprise trading loss that ballooned to $6 billion.

The Dow Jones industrial futures climbed 22 points to 13,287, the Nasdaq futures gained 2.8 points to 2,716 while the S&P 500 futures were ahead 3.6 points to 1,432.

Earnings expectations are low for the third quarter as the eurozone debt crisis continues to take a toll on the economies in Europe, affecting the results of multinationals. The malaise has also spread to developing economies such as China.