Futures rise after solid ECB loan offering

NEW YORK (Reuters) - Stock index futures rose Wednesday, putting the benchmark S&P 500 index on track to extend the prior session's big gains as banks borrowed more than anticipated at the European Central Bank's record cash injection aimed at easing the debt crisis.

Banks borrowed 489 billion euros ($641.08 billion) at the ECB's first-ever offering of three-year funding, boosting optimism that a credit crunch can be averted.

But the optimism appeared to fade, reflecting the financial pressure the European banks are under, as European stocks gave back early gains. The FTSEurofirst 300 was up 0.2 percent and German government bonds turned positive on the day.