Stock index futures turned higher following a government report showing that the number of people staying on jobless benefits after drawing an initial week of aid posted its largest one-week drop since November 2001.

The data provided fresh detail for investors hoping that the economy is on the road to recovery.

S&P 500 futures rose 3.90 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 were up 23 points, while Nasdaq 100 futures climbed 3.25 points.

(Reporting by Ellis Mnyandu; Editing by Padraic Cassidy)

Investment