NEW YORK (TheStreet) -- Stock futures were pointing to a stronger open on Wall Street Thursday, poised for a fifth day of gains and an extension of all-time highs on the S&P 500 amid a global relief rally driven by the Federal Reserve's decision to maintain its ultra-loose monetary policy of $85 billion a month in asset purchases because of worries the U.S. economy hasn't improved enough for tapering.
Futures for the S&P 500 were gaining 3.5 points, or 3.48 points above fair value, to 1,721.25. The benchmark index increased 1.22% to reach a new all-time high of 1,725.52 following the Fed announcement. Futures for the Dow Jones Industrial Average were adding 20 points, or 28.06 points above fair value, to 15,614. Futures for the Nasdaq were ahead by 6.5 points, or 5.74 points above fair value, to 3,228.25.
"This raises the possibility that the Fed is back in QE-forever mode. It certainly reduces the likelihood that QE will be terminated by mid-2014," Ed Yardeni, the New York-based chief investment strategist at Yardeni Research, said in a note.
In company news, Chrysler Group is late in the stages of preparing documents for an initial public offering, a person familiar with the offer told CNBC, and JPMorgan Chase is expected to underwrite the IPO.
Rite Aid (RAD) was jumping nearly 13% to $4.19 in premarket trading after the U.S. retail drugstore chain raised its fiscal 2014 earnings guidance and posted a surprise second-quarter profit driven by its ongoing sales growth momentum and improving margins.