Stocks Opened Higher on Jobless Report

U.S. stocks opened higher Thursday, recovering some of the prior day’s losses, after the number of U.S. workers seeking new unemployment benefits stayed under the key 400,000 level and Italian borrowing costs eased. The Dow Jones Industrial Average was lately up 61.27 points at 12,212.68. The S&P 500 Index rose 5.26 points to 1,254.90. The Nasdaq Composite gained 3.48 points to 2,593.46.

New claims for unemployment benefits rose more than expected last week, a government report showed on Thursday, but the underlying trend continued to point to improving labor market conditions. Initial claims for state unemployment benefits increased 15,000 to a seasonally adjusted 381,000, the Labor Department said.

Verizon Wireless is investigating reports that some customers were experiencing trouble accessing its fourth generation (4G) network, a spokesman told Reuters, as the company yet again had to face service problems with its faster wireless service.

Italy’s borrowing costs fell for a second day Thursday but the country’s new premier said his government has more to do before it convinces financial markets it can manage the heavy debts that have made it the focus of the eurozone crisis.

Oil futures inch back higher in Asian trade.  New York Mercantile Exchange benchmark crude for February delivery rose to $99.40 a barrel midday in East Asia in electronic Comex trade, compared to Wednesday’s closing level of $99.36.






Leave a Reply