* News Corp spinoff to replace Apollo Group in S&P 500
* Futures up: Dow 93 pts, S&P 9 pts, Nasdaq 15 pts
By Rodrigo Campos
NEW YORK, June 21 (Reuters) - U.S. stock index futures rose on Friday as traders swooped up bargains following a two-day selloff that took S&P 500 futures to their lowest in seven weeks.
Share prices had slumped since Wednesday, when Federal Reserve Chairman Ben Bernanke laid out the U.S. central bank's plans to pull back on its $85 billion in monthly asset purchases.
Volatility, which has spiked since May 22 when Bernanke first hinted that the Fed may begin to rein in its stimulus measures, is expected to continue. The CBOE Volatility Index , a gauge of anxiety on Wall Street, jumped 23 percent on Thursday to 20.49, the first time this year it closed above 20.
"While volatility is going to remain high, the market next week will move to a consolidation phase," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.
"We'll bounce around 1,575/1,600 (on the S&P 500) as a recovery stage begins to take hold."
Cardillo pointed to the quarterly expiration and settlement of June equity options and futures contracts on Friday as another volatility trigger for Friday.
S&P 500 futures rose 9 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 rose 93 points, and Nasdaq 100 futures added 15 points.
Volume on Thursday also soared, with 9.4 billion shares exchanging hands on the New York Stock Exchange, NYSE MKT and Nasdaq, the highest this year and 50 percent more than the daily average so far in 2013 of 6.38 billion.
S&P Dow Jones Indices said Thursday that News Corp's spinoff News Corp will replace Apollo Group in the S&P 500. The old News Corp, which is changing its name to 21st Century Fox, will remain in the S&P 500. The change is effective after the close of trading Friday, June 28.
Facebook shares rose 2.5 percent to $24.50 in premarket trading. UBS raised its rating on the stock to "buy" from "neutral."
Oracle Corp dropped 6.5 percent to $31.05 in premarket trading a day after the tech giant missed expectations for software sales and subscriptions for a second straight quarter.
China's central bank faced down the country's cash-hungry banks on Friday, letting interest rates spike as it increased pressure on banks to curb rampant informal lending and speculative trading. Some worry that its approach could backfire, creating the potential for defaults and gridlock in the money markets of the world's second-largest economy.