Stock index futures turned positive on Friday after jobs data showed the unemployment rate fell to a five-month low last month, even as employers unexpectedly cut jobs.

* Futures were at their highs after earlier pointing to a drop of more than 1 percent for Wall Street.

* There was some disappointment in the headline number, but that's offset by the unemployment figure, said Dan Cook, senior market analyst at IG Markets in Chicago.

* S&P 500 futures rose 1.5 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 added 17 point, and Nasdaq 100 futures gained 6.75 points.

(Reporting by Leah Schnurr; editing by Jeffrey Benkoe)

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