US STOCKS-Futures point to flat Wall St open; S&P 500 near record

martes 26 de agosto de 2014 08:41 GYT

* Biotech stocks edge up, continuing recent rally

* Best Buy tumbles after results, DSW higher

* Digital Ally gains before bell, has tripled this month

* Futures up: Dow 24 pts, S&P 2.5 pts, Nasdaq 7.25 pts (Updates prices, adds DSW results)

By Ryan Vlastelica

NEW YORK, Aug 26 (Reuters) - U.S. stock index futures pointed to very slight gains at the open on Tuesday, with investors finding few reasons to buy after a rally in the previous session that took the S&P 500 index above 2,000 for the first time.

* The benchmark S&P failed to hold that level Monday, but ended at a new closing high. Equities have rallied lately, with the Dow and S&P advancing in seven of the last 10 sessions, and the Nasdaq climbing in eight.

* That momentum is still considered intact, and the S&P's price-to-earnings ratio is within historical norms, leading many analysts to believe the market is not overvalued. Nonetheless, further gains may be a challenge without positive catalysts and amid potential headwinds such as a reduction in Federal Reserve stimulus and a simmering conflict between Ukraine and Russia.

* Much of the market's recent gains have come on low volume, suggesting many traders may be reluctant to jump in at current levels.   Continuación...