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Stock futures surge after China cut


    NEW YORK (Reuters) - Stock index futures sharply added to gains on Thursday after the Chinese central bank cut its benchmark bank lending and deposit rate, adding to hopes of coordinated action to aid the flagging global economy.

    S&P 500 futures rose 7.5 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration of the contract. Dow Jones industrial average futures added 77 points and Nasdaq 100 futures rose 14 points.

    (Reporting By Edward Krudy; Editing by Chizu Nomiyama)