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US STOCKS-Futures leap as central banks slash rates

Wed Oct 8, 2008 7:08am EDT

NEW YORK, Oct 8 (Reuters) - U.S. stock index futures turned positive on Wednesday after the U.S. Federal Reserve slashed interest rates in concert with other global central banks to calm markets.

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S&P 500 futures SPc1 jumped 28.30 points and were 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 DJc1 climbed 173 points and Nasdaq 100 NDc1 futures gained 36.25 points. (Reporting by Ellis Mnyandu; Editing by Kenneth Barry)

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