Stock index futures pointed to a higher open on Wall Street on Friday, after the previous session's sell-off, with General Motors in focus after sources said Washington has no plans to push the troubled carmaker into bankruptcy.

* At 5 a.m. EDT, futures for the S&P 500 were up 0.57 percent, Dow Jones futures were up 0.54 percent and Nasdaq 100 futures were up 0.69 percent.

* The Obama administration has no plans to push General Motors Corp into bankruptcy next week and the outcome of the automaker's restructuring efforts may not be known until a June 1 deadline, a source familiar with the situation said early on Friday.

* Earlier, the Washington Post, citing sources familiar with the discussions, reported that the Treasury Department would steer GM into bankruptcy next week under a plan that would provide the company just short of $30 billion in new federal loans. A U.S. Treasury spokeswoman declined to comment.

* GM shares traded in Frankfurt were up 19 percent.

* The dollar fell on Friday to its lowest in five months against a basket of currencies on concern about the triple-A ratings status of the United States after Britain's outlook was downgraded the previous day.

The dollar's weak technical position deteriorated further as the euro rose to within sight of $1.40 and sterling clawed back all the ground against the dollar and euro lost in the wake of Standard & Poor's move on Thursday.

* European shares were slightly higher on Friday morning, with heavyweight mining shares such as Rio Tinto gaining ground along with metal prices.

* U.S. stocks dropped in a broad retreat on Thursday as investors, worrying over the U.S. budget deficit, dumped dollar-denominated assets across the board. Markets came under severe selling pressure as a result of an outlook downgrade for the U.K.'s triple-A credit rating heightened fears that the United States, with its increasing budget deficit and weakened economy, could face a similar fate.

(Reporting by Blaise Robinson; Editing by Rupert Winchester)