Stock index futures pared gains on Thursday following a government report that showed the number of new claims for jobless benefits rose more than expected last week, indicating improvement in the labor market may be only gradual

S&P 500 futures were last up 6.70 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 gained 55 points, while Nasdaq 100 futures added 6.25 points.

(Reporting by Edward Krudy; Editing by Padraic Cassidy)