Stocks stood poised for a third straight day of gains after China's central bank announced that it is cutting its key lending rate by a quarter point. The People's Bank of China said the move would take effect Friday and lower the rate to 6.31 percent. The PBC move comes as China looks to bolster its sagging economic growth and was not expected. As a result, U.S. stock futures, which were slightly positive prior to the news breaking, indicated gains of at least 0.5 percent at the open. Investors also saw some evidence that European policymakers would act to prop up Spain’s banking sector, while a key member of the Federal Reserve made the case for further monetary easing to protect the U.S. economy from the impact of the euro zone debt crisis.