US STOCKS-Wall Street headed higher after positive data

(Rewrites first paragraph, updates prices)

By Ellis Mnyandu

NEW YORK, April 30 (Reuters) - U.S. stocks headed for a higher open on Wednesday after two reports pointed to resiliency in the economy and job market, easing concerns about the profit outlook.

The government's initial reading on first-quarter gross domestic product beat economists' expectations and a survey by ADP Employer Services showed that U.S. employers unexpectedly added 10,000 jobs in April.

Among stocks likely to lift the market, General Motors Corp GM.N posted a smaller-than-expected quarterly loss, sending the automaker's stock up more than 5 percent to $22.28 before the bell.

Both economic reports, coming on the same day that the Federal Reserve is due to decide on interest rates, helped ease recession fears.

S&P 500 futures SPc1 gained 4.3 points, above fair value, a formula to evaluate pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures DJc1 rose 39 points, and Nasdaq 100 NDc1 futures climbed 5.5 points.

The Commerce Department's report on GDP, the broadest measure of economic activity within U.S. borders, was "a little bit of a pleasant surprise," said Victor Pugliese, director of listed equity trading at Broadpoint Securities in San Francisco.

"It's a rear-view look, and not a front-view look. The main thing everyone's going to be looking for today is the Fed."

While the GDP report showed parts of the economy were clearly in trouble, growth in exports and a rebuilding of business inventories showed sufficient strength, said Marc Pado, U.S. market strategist at Cantor Fitzgerald & Co in San Francisco.

"The key here is that a pullback (in economic growth) is more shallow than expected."

The U.S. central bank is widely expected to lower its target benchmark rate by a quarter-percentage point to 2 percent. Investors will focus on the Fed's statement on the economic outlook and look for clues on whether its cycle of rate cuts may be coming to an end.

As of Tuesday's close, the benchmark S&P 500 .SPX was on track for its best monthly advance in 4 1/2 years. (Additional reporting by Caroline Valetkevitch and Herbert Lash, Editing by Kenneth Barry)