Stocks Rebound after Jobless Claims Data

U.S. stocks opened higher on Thursday, bouncing back after a three-session losing streak, as U.S. jobless claims declined in July. The Dow Jones Industrial Average lately rose 49.52 points, or 0.32%, to 15,520.19. The S&P 500 index gained 6.82
points, or 0.40%, to 1,697.73. The Nasdaq Composite advanced 13.29 points, or 0.36%, to 3,667.30.

The number of Americans filing new claims for jobless benefits rose slightly last week but was still near its lowest level since before the 2007-09 recession, a hopeful sign for the U.S. economy. Initial claims for state unemployment benefits rose by 5,000 last week to 333,000, the Labor Department said on Thursday.

McDonald’s Corp. says a key sales figure edged up modestly in July, as the popularity of its cheaper eats in the U.S. helped offset declines in Europe. The world’s biggest hamburger chain says global sales rose 0.7 percent at restaurants open at least
13 months.

Mortgage giant Fannie Mae earned $10.1 billion in the second quarter, aided by the recovery in the housing market. Fannie said Thursday it will pay a dividend of $10.2 billion to the U.S. Treasury next month. It made no request for additional federal
aid.

Costco Wholesale Corp (COST) reported July same-store sales that missed analysts’ estimates, hurt by a stronger dollar that pulled in weak sales from its overseas stores. Sales at stores open at least a year rose 4 percent in the four-week period ended August 4, including the impact of fuel and foreign exchange. July net sales rose 7 percent to $7.87 billion.

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