US STOCKS-Futures point to slight gain after four-day rally
By Ryan Vlastelica
NEW YORK Oct 22 (Reuters) - U.S. stock index futures pointed to a very slightly higher open on Wednesday, with buyers largely taking a pause following the biggest four-day rally for the S&P 500 since January 2013.
Major indexes jumped about 2 percent on Tuesday, lifted by strong corporate results, especially in the tech sector, and a Reuters report that the European Central Bank was considering buying corporate bonds.
The S&P 500 has gained 4.2 percent over the past four sessions, putting it about 3.5 percent from its closing record, and up more than 6 percent from its session low last Wednesday, when the benchmark nearly reached correction territory. It closed Tuesday above both its 14-day moving average and its 200-day average, a sign of improving near-term momentum.
Earnings continue to be in focus, with a number of high-profile names reporting strong results. Both Boeing Co and Dow Chemical reported higher-than-expected earnings. . Late Tuesday, both Yahoo Inc and Broadcom beat on revenue.
Dow component Boeing edged 0.3 percent higher to $127.50 after its results, while Dow advanced 4 percent to $50.13. Yahoo climbed 5.4 percent to $42.34 while Broadcom added 6.3 percent to $39.70.
On the downside, Biogen Idec Inc fell 2.7 percent to $318 after sales of its oral multiple sclerosis drug Tecfidera fell short of lofty Wall Street estimates for the first time, though the biotech company's earnings topped expectations and it raised its full-year forecast.
In the latest economic data, consumer prices rose 0.1 percent in September as energy costs fell broadly, painting a weak inflation picture that should give the Federal Reserve ample room to keep interest rates low for a while.
Drugmakers with products related to treating Ebola could see outsized interest. Late Tuesday, Tekmira Pharmaceuticals Corp said it had begun limited manufacturing of a therapeutic targeting the Ebola-Guinea virus. U.S.-listed shares of the company jumped 11 percent to $19.90. Continuación...