2139 GMT - Australia's S&P/ASX 200 looks set for a strong opening rise after U.S. stocks gained on Fed Chair Jerome Powell's comments that the central bank is close to being able to cut interest rates.

ASX futures are up by 0.6%, suggesting that the benchmark index will build on Thursday's record close and could round out a second straight weekly gain.

Strength in big tech stocks carried the S&P 500 to a fresh record close after Powell told lawmakers that the Fed is not far from being confident enough to cut rates.

The S&P 500 rose 1.0%, the Nasdaq Composite gained 1.5%, and the DJIA nudged 0.3% higher. (stuart.condie@wsj.com)

(END) Dow Jones Newswires