Stocks Opened Higher on Jobless Claims Data

U.S. stocks opened higher on Thursday following upbeat labor market report showing a larger-than-expected drop in weekly jobless claim. The Dow Jones Industrial Average lately rose 64.31 points, or 0.39%, to 16,424.49. The S&P 500 was up 6.52 points, or 0.35%, at 1,880.33. The Nasdaq Composite added 11.94 points, or 0.27%, at 4,369.92.

The number of people who applied for U.S. unemployment benefits fell by 26,000 to 323,000 in the week ended March 1, marking the lowest level since late November, the Labor Department said Thursday.

U.S. productivity in the fourth quarter grew at a 1.8% annual rate instead of 3.2% as originally reported, the Bureau of Labor Statistics said Thursday. The increase in output of goods and services was cut to 3.4% from 4.9%, largely accounting for the downward revision in productivity.

The European Central Bank left interest rates unchanged on Thursday, holding its nerve in the face of uncomfortably low inflation. The decision to leave its main interest rate at 0.25 percent was generally expected by markets, though a third of economists polled by Reuters forecast a cut.

Staples Inc (SPLS), the largest U.S. office supplies retailer, forecast a fall in current-quarter sales as it loses customers to mass market chains and e- retailers, and the company said it would close up to 225 stores in North America by 2015.

Warehouse club operator Costco Wholesale Corp’s quarterly profit fell 15 percent, missing analysts’ estimates, hurt by weaker gross margins in its fresh- food business and some non-foods merchandises.The company’s profit fell to $463 million, or $1.05 per share, for the 12 weeks ended Feb. 16 from $547 million, or $1.24 per share, a year earlier.