By Carla Mozee, MarketWatch
NEW YORK (MarketWatch) -- After a shaky start, U.S. stocks edged
higher on Wednesday, adding to sharp gains from the previous two
sessions, which have sent the S&P 500 above its key, 200-day
moving average.
All eyes were on earnings, as several heavyweights, such as
Boeing Co., Dow Chemical and Biogen Idec Inc., reported ahead of
the opening bell.
The S&P 500 (SPX) rose 6 points, or 0.3%, to 1,945.67. The
Dow Jones Industrial Average (DJI) gained 25 points, or 0.2%, to
16,637.29. The Nasdaq Composite (RIXF) added 12 points, or 0.3% to
4,431.74.
(Read more in our Need to Know column:
http://www.marketwatch.com/story/icahn-says-buying-apple-is-a-no-brainer-and-a-first-ever-for-the-vix-2014-10-22.)
Data: U.S. consumer prices rose slightly in September owing to
higher costs for food and housing, but inflationary pressures
continue to be held in check by falling energy expenses. The uptick
was in line with expectations.
Earnings: Boeing (BA) shares fell 1.7% despite beating profit
expectations. The aerospace company again raised its earnings
forecast for the year.
Dow Chemical (DOW) shares climbed 1.4% after the company's
adjusted third-quarter earnings of 72 cents a share came in above
the FactSet consensus estimate of 67 cents. Revenue also exceeded
analyst forecasts of $14.32 billion.
Biotech firm Biogen Idec (BIIB) reported better-than-expected
third-quarter results and lifted its full-year earnings outlook.
Shares had been up in premarket trade after the report, but later
dropped 8%.
Yahoo Inc. (YHOO) shares rose 4.7%, after the online search
provider posted better-than-expected third-quarter results late
Tuesday.
Stocks to watch: Tekmira Pharmaceuticals Corp. (TKMR) shares
popped up 11% ahead of the bell, with the company saying it has
started limited manufacturing of a new therapeutic drug targeting
the Ebola virus. Supply of the product will be available in early
December 2014 "for potential use by various collaborators," said
Tekmira.
Interdealer broker BGC Partners Inc. (BGCP) plans to make a
hostile bid to buy rival GFI Group Inc.(GFIG) for $675 million, The
Wall Street Journal reported, according to people familiar with the
matter.
Tesla Motors Inc. (TSLA) fell slightly after Daimler AG on
Tuesday said it has sold its 4% stake in the electric car
maker.
Other markets: In Asia, Japanese stocks pushed higher, putting
the Nikkei Average up by 2.6%. European stocks and the euro
(EURUSD) retreated after a Spanish news report that 11 banks will
fail the European Central Bank's stress tests. The results are due
Sunday.
Gold futures (GCZ4) fell $6.4 an ounce and oil futures (CLZ4)
edged up. The dollar (USDJPY) traded slightly lower against the
yen.
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