Stock futures pare losses as State Street rallies

NEW YORK (Reuters) – S&P 500 and Dow stock index futures cut losses and pointed to a flat open on Wednesday as an upbeat earnings outlook by State Street Corp (STT – News) offset worries about the strength of the economic recovery.

S&P 500 futures rose 0.4 point and were slightly above 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 13 points and Nasdaq 100 futures dipped 4.75 points.

State Street shares jumped 9.2 percent to $36.42 in premarket trading.

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