European shares offered support with a second consecutive rise due to renewed hopes of more stimulus from global policymakers. The FTSEurofirst 300 index .FTEU3 was up 0.1 percent after surging 2.4 percent on Thursday.

The Commerce Department releases its first estimate for the second quarter gross domestic product (GDP) at 1230 GMT, expected to show the economy expanded at a 1.5 percent annual rate between April and June, down from 1.9 percent in the first three months of the year.

Thomson Reuters/University of Michigan Surveys of Consumers at 1355 GMT is expected by economists to show a reading of 72.0 on its index of consumer sentiment, in line with a preliminary figure.

Samsung Electronics Co (005930.KS), the world's top technology firm by revenue, on Friday reported a record operating profit of $5.9 billion for the June quarter, as rampant Galaxy S handset sales helped stretch its lead over Apple Inc (AAPL.O).

Merck (MRK.N), whose sales disappointed in the prior period, is expected to post moderate earnings gains in the second quarter, helped by growing demand for its Januvia diabetes drugs. Other major companies announcing results include Chevron (CVX.N) and Legg Mason (LM.N).

In late trading after Thursday's closing bell, Facebook shares (FB.O) tumbled 11 percent after reporting its first quarterly results since Facebook's market debut.

Amazon.com (AMZN.O) shares were also down 0.5 percent after the close following the release of its results. The online retailer forecast third-quarter revenue that lagged Wall Street's projections.

At 1430 GMT, Economic Cycle Research Institute releases its weekly index of economic activity for July 20. In the prior week, the index read 121.9.

Starbucks Corp (SBUX.O) cut its outlook for the current quarter, citing global economic weakness and a recent slowdown in visits in the United States, its biggest market for sales and profits, sending shares tumbling more than 9 percent.

The Dow Jones industrial average .DJI ended up 211.88 points, or 1.67 percent, at 12,887.93 on Thursday. The Standard & Poor's 500 Index .SPX was up 22.13 points, or 1.65 percent, at 1,360.02. The Nasdaq Composite Index .IXIC was up 39.01 points, or 1.37 percent, at 2,893.25.

(Reporting by Atul Prakash)

• A Permanent Economic Emergency