* U.S. non-farm payrolls surge in October
* Wall St looks to extend 2-yr closing high from Thursday
* Futures: S&P up 1 pt, Dow up 11 pts, Nasdaq flat (Adds non-farm payrolls report)
By Angela Moon
NEW YORK, Nov 5 (Reuters) - Wall Street was poised for a flat to slightly higher open on Friday after the latest jobs report offered firmer signs of an up-tick in a sluggish recovery.
Futures erased losses after data showed the U.S. economy added many more jobs than expected last month as private companies hired workers at the fastest pace since April.
The data is likely to further boost stocks and commodities worldwide that have rallied this week on the Federal Reserve's decision to buy $600 billion in government bonds to help the ailing economy.
"Good news is good news. The commodity markets and the stock markets all got everything they wanted this week, which is incredible," said Jeffrey Friedman, senior market strategist at Lind-Waldock in Chicago. "They didn't get one curve ball. It was all right down the plate, exactly what they were looking for, and if they can't hit it out of the park on these numbers, they're not going to hit."
S&P 500 futures rose 1 point and were in line with fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 6 points, and Nasdaq 100 futures were flat.
The S&P 500 index is up about 16 percent since the start of September as investors bet that action by the Fed and Republican gains in the U.S. midterm election would create a better environment for corporate profits. The Dow index closed on Thursday at its highest since the collapse of Lehman Brothers bank in September 2008.
Toyota Motor Corp cautiously nudged up its profit forecast, underscoring how vulnerable Japan's biggest company is to the firm yen and a tepid sales recovery that are weighing on its shares. New York-traded shares of the automaker gained 2.9 percent to $74.80 premarket.
Europe's biggest bank HSBC said profits this year were "well ahead" of 2009 levels with losses on bad loans hurting less than at any point since the onset of the credit crisis in 2007. U.S.-traded shares of HSBC fell 2 percent to $74.80 in premarket trade.
American International Group Inc shares fell 3.4 percent to $43.20 in premarket trade after the bailed-out insurer reported it lost more than $2 billion in the third quarter.
Late on Thursday, Starbucks Corp raised its full-year profit forecast, boosting confidence it has entered a new phase of growth. The stock was up 4.5 percent to $31.10.
CBS Corp reported a 42 percent rise in third-quarter profit on Thursday and authorized a $1.5 billion share repurchase program. Its shares rose 0.5 percent in premarket trade.
Wal-Mart Stores Inc, the world's biggest retailer, said it was cooperating with an investigation into possible insider trading related to its takeover of Japanese retail chain Seiyu Ltd.
Data on September pending-home sales, expected to rise 3 percent month over month, will be released at 10:00 a.m. (1400 GMT).