US STOCKS-Futures up ahead of GDP; P&G, Motorola gain premarket

* GDP, jobless claims reports on tap

* Procter & Gamble, Motorola rise after results

* Futures up: S&P 3.2 pts, Dow 29 pts, Nasdaq 3.25 pts

* For up-to-the-minute market news, click [STXNEWS/US]

(Recasts, adds details, quotes, byline)

By Leah Schnurr

NEW YORK, Oct 29 (Reuters) - Wall Street was set to rise on Thursday after four days of losses in the S&P 500 as reassuring corporate profits spurred optimism ahead of data expected to show the U.S. economy resumed growing in the third quarter.

Futures were also boosted after bellwethers Procter & Gamble Co and Motorola Inc reported quarterly profits.

The S&P 500 is down more than four percent in as many days as investors question whether its seven-month run up is due for a pullback. There are also concerns about how the economy will fare when global central banks begin withdrawing extraordinary stimulus measures.

Investors looking for confirmation the economy is stabilizing have pegged their hopes on the gross domestic product report. GDP, a gauge of all goods and services produced within U.S. borders, is expected to have grown at an annual rate of 3.3 percent in the quarter, according to 77 analysts polled by Reuters.

"The market seems to have priced in a good number," said Andre Bakhos, president of Princeton Financial Group in North Brunswick, New Jersey.

"With the market activity of the last few days, third-quarter GDP has little room for error."

The government will release its first estimate of third-quarter GDP at 8:30 a.m. (1230 GMT). Weekly initial jobless claims will be released at the same time.

S&P 500 futures rose 3.3 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 gained 29 points, while Nasdaq futures added 3 points.

The S&P 500 has wiped out its gains for October and could snap its seven-month streak of increases.

Motorola jumped 4.3 percent to $8.30 in premarket action after it posted a small profit and forecast a bigger-than-expected profit in the current quarter. For details, see [ID:nN29235578]

Procter & Gamble gained 2.2 percent to $58.51 after it reported results and said it has modestly higher expectations for growth in the industry even as consumer spending remains conservative. [ID:nN29256868] (Editing by Padraic Cassidy)