US stock futures extend gains on strong GDP

NEW YORK, Nov 29 (Reuters) U.S. stock futures extended gains on Wednesday after the government raised its estimate of third-quarter economic growth, suggesting strong momentum for corporate profits.

The Commerce Department said revised gross domestic product data showed the economy grew at 2.2 percent in the third quarter, up from a previous estimate of 1.6 percent. Economists in a Reuters survey had forecast GDP would show a median 1.8 percent annualized pace of growth. For details, see ID:nCAT001267 Standard&Poor's 500 futures were up 4.4 points, above fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.

Dow Jones industrial average futures were up 37 points and Nasdaq 100 futures were up 7.75 points.

REUTERS DKS VC1934