Thankful for Dell

NEW YORK (CNNMoney.com) -- Better-than-expected results from troubled computer maker Dell could be what the markets need to enter the holidays back in record territory.

Stock futures, which predict the direction of stocks at the open, were up in early trading Wednesday, following Dell's after-hours report Tuesday afternoon. Stocks had closed narrowly higher just short of another record for the Dow Jones industrial average Tuesday, with the S&P 500 and Nasdaq at multi-year peaks.

Dell's (Charts) preliminary earnings report, which had been delayed a week as the company faces a Securities and Exchange Commission probe into its accounting practices, had been a source of concern on Wall Street. But the company reported earnings that were much better than forecast, and its shares went soaring nearly 9 percent higher in after-hours trading.

Oil prices were also lower in early trading ahead of the 10:30 a.m. ET report on U.S. fuel inventories, one of the few pieces of market-moving news expected to be reported Wednesday.

In economic news, the government said weekly initial jobless claims rose to 321,000, which was more than projected.

With many traders trying to get out early for the Thanksgiving holiday, volumes could be light, especially late in the day, which could add to market volatility.

In other corporate news, Dow component Alcoa (Charts) announced it would slash 6,700 jobs as part of a restructuring that could lead to cutting 10 percent of its global workforce.

Another Dow component, No. 1 retailer Wal-Mart Stores (Charts), won a legal victory when a Massachusetts judge granted its motion to decertify a class-action lawsuit that accused the world's largest retailer of denying employees breaks.

Satellite television provider DirecTV Group (Charts), Internet media company IAC/InterActiveCorp. (Charts) and natural gas company Questar (Charts) all saw shares rise in after-hours trading after Standard & Poor's announced they would be joining the S&P 500 Index, replacing companies that are being purchased.

Managers of S&P 500 index funds will need to buy those shares.