US stocks rose after shaky starts on Wednesday, adding to the sharp climbs from the last two sessions that sent the S&P 500 above its key 200-day moving average.
Investors and traders had eyes on earnings as heavyweights like Dow Chemical, Boeing Co. and Biogen Idec Inc. reported before the opening bell.
The S&P 500 gained 0.3% or 6 points to 1,945.67 while the Dow Jones Industrial Average increase 0.2% or 25 points to 16, 637.29. The Nasdaq Composite Index gained 0.3% or 12 points to 4,431.74, as reported by Market Watch.
US consumer prices climbed slightly in September due to the high costs of housing and food, but inflationary pressures continue being held tame by the declining energy expenses.
Boeing shares dropped 1.7% despite beating the profit estimates. The aerospace company raised the earnings outlook for the year.
Dow chemical shares gained 1.4% after the company adjusted its Q3 earnings of 72 cents per share came above the estimate of 67 cents. The revenue exceeded the expectations of analysts of $14.32 billion.
Biogen Idec, Biotech firm reported better than estimated Q3 results and lifted its full year earnings. The shares were up in premarket trade after the report, but later declined 8%.
Yahoo Inc shares gained 4.7% after the online search provider posted its Q3 results on Tuesday, which were better than expected.
Reuters quoted chief investment strategist at Robert W. Baird & Co, Bruce Bittles as having said, “The season has been mixed, and the global economy is a concern for big multinational companies, but the fact that the market can shake off some bad reports is indicative of what good footing it is on right now.”
Tekmira Pharmaceuticals Corp gained 11% ahead of the bell and the company said that it has started limited manufacturing of the new therapeutic drug for the Ebola virus. Tekmira said that the supply of the drug will be available in early December 2014, “for potential use by various collaborators.”
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