Feb. 9 (Bloomberg) -- U.S. stock futures rose, erasing earlier losses, amid a report that Greece had reached a deal on austerity measures needed to help avoid default.

Futures on the S&P 500 expiring in March rose 0.2 percent to 1,349 at 8:13 a.m. in New York, after dropping as much as 0.5 percent earlier.

Equity futures reversed losses after the Financial Times said Greek politicians reached an austerity deal. U.S. stocks advanced yesterday as Greece’s Prime Minister Lucas Papademos held talks with the leaders of the three political parties that support his government to obtain their backing for further austerity measures.

To contact the editor responsible for this story: Jeff Sutherland at jsutherlan13@bloomberg.net