NEW YORK, May 21 (Reuters) - U.S. stock index futures extended losses on Thursday after the government reported the number of people staying on jobless benefits hit a fresh record in the latest week, weakening hopes of a quick economic recovery.
* S&P 500 futures fell 7.30 points and were below 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 shed 65 points, and Nasdaq 100 futures dipped 7 points. (Reporting by Ellis Mnyandu; editing by Jeffrey Benkoe)
