Futures cut gains on lower JC Penney outlook : US Business

NEW YORK (Reuters) - Futures pared gains on Friday on concerns about consumer spending after retailer JC Penney Co Inc slashed its first-quarter earnings view on weak Easter sales.

S&P 500 futures were up 4.20 points, above fair value, a formula to evaluate pricing taking into account interest rates, dividends and time to expiration on contract. Dow Jones futures were up 12 points, while Nasdaq futures rose 5.50 points.

(Reporting by Kristina Cooke; Editing by James Dalgleish)

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