Stock index futures turned positive on Wednesday after better-than-expected data on private-sector employment.

The data helped futures reverse course after they initially pointed to a lower open on renewed concern about the health of banks after a source said government stress test results show Bank of America needs as much as $34 billion in capital.

S&P 500 futures rose 2.70 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 48 points, and Nasdaq 100 futures added 4.25 points.

(Reporting by Leah Schnurr; Editing by Padraic Cassidy)