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NEW YORK, Nov 16 (Reuters) - U.S. stock index futures cut their losses to turn positive on Friday after the Wall Street Journal reported that White House officials were in advanced internal discussions that could indicate increased flexibility to negotiate on the "fiscal cliff."
Citing sources familiar with the matter, the Journal wrote that officials were in talks to replace spending cuts set to begin in January with a separate package of spending cuts and tax increases.
S&P 500 futures rose 2.5 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 8 points and Nasdaq 100 futures rose 7.5 points.