* ECB funding results ease concerns
* ADP jobs report, ISM data in focus
* Futures up: S&P 5.4 pts, Dow 56 pts, Nasdaq up 12 pts
* For up-to-the-minute market news see []
(Adds quote, byline)
By Angela Moon
NEW YORK, June 30 (Reuters) - U.S. stock index futures rose
on Wednesday, rebounding from a steep sell-off, as investors
were comforted that financially fragile European banks were
less reliant on funding from the European Central Bank.
The ECB lent banks 131.9 billion euros ($161.4 billion) in
three-month funds, below expectations, as the institutions
faced repaying nearly one-half trillion euros in emergency
loans on Thursday.
The tender results were seen as a gauge of the condition of
European banks as well as the region's fiscal state. Spanish,
Portuguese and Greek banks have been the biggest users of the
lending facilities. For details, see []
"The amount was half the expectations, and many are
breathing a sigh of relief, with European bank stocks leading
the rally," said Peter Boockvar, equity strategist at Miller
Tabak & Co in New York.
S&P 500 futures <SPc1> were up 5.4 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 <DJc1> rose 56
points, and Nasdaq 100 futures <NDc1> gained 12 points.
With the Tuesday sell-off sending the S&P 500 index to its
lowest point in eight months, investors were still cautious
about seeing a buying opportunity, analysts said.
"The news out of Europe is a little more constructive than
yesterday, but everything still remains fragile and all bets
are off until we get through the data flow today," said Craig
Peckham, equity trading strategist at Jefferies & Co in New
York.
Investors awaited a June employment report from Automatic
Data Processing at 8:15 a.m. EDT []. Economists in a
Reuters survey expected that 60,000 jobs were created in June
versus 55,000 in May.
At 8:30 a.m. EDT [], the Institute for Supply
Management-New York releases the June index of regional
business activity. In May, the index read 449.3.
The Institute of Supply Management-Chicago releases its
index of manufacturing activity at 9:45 a.m. EDT [].
Economists forecast a reading of 59.0 in the month versus 59.7
in May.
Hurricane Alex disrupted BP Plc's <BP.L><BP.N> cleanup of
the massive Gulf of Mexico oil spill, delayed plans to boost
containment capacity and threatening to push more oily water
onshore. Still, U.S.-traded shares of BP rose 5.3 percent to
$29.19 in premarket trade. []
French drugmaker Sanofi-Aventis SA <SASY.PA> will buy U.S.
biotechnology firm TargeGen Inc, which is developing treatments
against blood diseases, for as much as $560 million in a bid to
boost its cancer treatments. []
Shares of General Mills Inc <GIS.N> fell 2.2 percent to
$36.09 in extended trading on Tuesday after the company
forecast earnings below expectations. []
Google Inc <GOOG.O> said it will end the automatic
redirection of users from its China portal within the next 24
to 48 hours, but Beijing kept silent on whether it will allow
the search giant to keep its local business.
A U.S. commission will focus on ties between Goldman Sachs
Group Inc <GS.N> and American International Group Inc <AIG.N>,
and how derivatives transactions between them may have
contributed to the financial crisis.
(Reporting by Angela Moon; editing by Jeffrey Benkoe)
