Stocks Open Higher after Jobless Claims Drop

U.S. stocks moved higher at the open on Thursday, as investors cheered better-than-expected data
on weekly jobless claims. The Dow Jones Industrial Average lately gained 59.24 points, or 0.37%,
to 15,960.06. The S&P 500 was up 6.56 points, or 0.37%, to 1,787.93, The Nasdaq Composite advanced
24.54 points, or 0.63%, to 3,945.81.

The number of people applying for U.S. unemployment benefits fell 21,000 to a seasonally adjusted
323,000 last week, the lowest since late September and further evidence of an improving job
market. The Labor Department said Thursday that the less volatile four-week average fell for the
third straight week to 338,500.

U.S. wholesale prices fell for the second straight month in October, offering further proof that
inflationary pressure in the U.S. economy is largely invisible. The producer price index declined
by a seasonally adjusted 0.2%, the Labor Department said Thursday.

Home prices rose in nearly half of 26 cities in the three months to September, a report from a
state-run bank showed on Thursday, indicating investor confidence in the sector despite weak
economic growth.

Target Corp.’s (TGT) fiscal third-quarter earnings fell 46% as the retailer posted weaker margins
and earnings at its U.S. business and losses at its Canadian segment. For the quarter ended Nov.
2, Target reported a profit of $341 million, or 54 cents a share, down from $637 million, or 96
cents a share, a year earlier. The company cut its earnings guidance for the year, now expecting
$4.59 to $4.69 a share.