Stock index futures surged on Friday after data showed the U.S. economy created jobs at the fastest pace in nine months in January and the unemployment rate dropped to a near three-year low of 8.3 percent.

S&P 500 futures rose 12.5 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 added 128 points, and Nasdaq 100 futures rose 21.50 points.

(Reporting By Angela Moon; editing by Jeffrey Benkoe)