Global indicators were mostly negative for North American stock markets early Friday, while oil prices fell below US$80 a barrel.

Oil prices fell modestly Friday amid profit-taking after closing at a record high in the previous session on supply concerns. Light sweet crude for October delivery lost 45 cents to US$79.64 a barrel in mid-morning European electronic trading on the New York Mercantile Exchange.

The Canadian dollar opened at 96.84 cents US, up 0.01 of a cent from the 30-year closing high reached Thursday, helped by rising commodity prices and U.S. dollar weakness.

Wall Street futures fell as investors awaited the latest readings on the U.S. industrial production. The U.S. Federal Reserve will consider some of this data ahead of its Tuesday decision on interest rates.

As well, U.S. consumer confidence dropped to its lowest point since May 2006, when sticker shock from high gasoline prices rattled Americans’ sense of economic well-being, as a deep housing slump and a credit crunch made Americans more worried about their country’s economic health as well as their own.

The RBC Cash Index showed consumer confidence clocking in at 71.1 in September, a sharp drop from August’s reading of 89.3. It marked the worst showing since May 2006.

However, many are hoping a recession will be avoided and are counting on the Fed to cut its key funds rate next week.

Overseas, Britain’s FTSE 100 index was down 2.1% on revived credit crunch worries, Germany’s DAX index fell 1.12% and France’s CAC-40 fell 1.22%.

In Tokyo, the benchmark Nikkei 225 index surged 1.94% to 16,127.42 points. Hong Kong shares rose to a record high close. The blue-chip Hang Seng Index rose 1.5% to 24,898.11.

On Thursday, energy stocks helped take Toronto’s S&P/TSX composite index up 86.48 points to 13,843.2. The TSX Venture Exchange added 30.62 points to 2,758.25.

In the U.S., the Dow Jones industrial average gained 133.23 points to 13,424.88. The Nasdaq composite index rose 8.99 to 2,601.06 and the S&P 500 index gained 12.39 to 1,483.95.