Futures turn up as Wells Fargo reassures

NEW YORK (Reuters) –

Stock futures turned positive on

Wednesday after Wells Fargo & Co (WFC.N), the fifth-largest

U.S. bank, posted quarterly results that helped temper some of

Wall Street’s concerns about the impact of the credit crisis on

the bank sector.

S&P 500 futures rose 6.50 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 rose 52 points,

and Nasdaq 100 futures climbed 15 points.

(Reporting by Ellis Mnyandu; Editing by James Dalgleish)