US STOCKS-Futures turn higher on J.C. Penney results

(Updates to show futures turning higher)

NEW YORK, May 15 (Reuters) - U.S. stock index futures rose on Thursday, after retailer J.C. Penney (JCP.N: Quote, Profile, Research) posted results that topped Wall Street's forecasts, easing concerns about consumer spending.

S&P 500 futures SPc1 rose 4.40 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 DJc1 rose 8 points, and Nasdaq 100 NDc1 futures rose 46 points.

(Reporting by Kristina Cooke, Editing by Kenneth Barry)