Stocks Start Firmer after ECB Moves

U.S. stocks opened higher on Thursday, as the European Central Bank unveiled a raft of stimulus measures. The Dow Jones Industrial Average lately climbed 22.50 points, or 0.13%, to 16,760.03. The S&P 500 rose 1.77 points, or 0.09%, to 1,929.65. The Nasdaq Composite gained 9.48 points, or 0.22%, to 4,261.12.

The European Central Bank reduced interest rates Thursday and installed a negative rate on bank deposits for the first time in its history, as officials scramble to keep ultralow inflation from gaining traction and derailing the euro zone’s fragile recovery.

The number of Americans filing new claims for unemployment benefits rose last week, but the underlying trend continued to point to a firming labor market. Initial claims for state unemployment benefits increased 8,000 to a seasonally adjusted 312,000 for the week ended May 31, the Labor Department said on Thursday.

An internal investigation by General Motors has concluded that there was no deliberate cover-up in its decadelong failure to recall millions of small cars with a defective ignition switch, the company’s chief executive said Thursday.

Ciena Corp. (CIEN) beat earnings estimates and issued an upbeat forecast for the second half. The networking specialist said it had a net loss of $10.2 million, or 10 cents a share, in its fiscal second quarter, after a loss of $27.1 million, or 27 cents a share, in the same period a year ago. Adjusted net income was 17 cents a share. Revenue totaled $560 million, up from $507.7 million a year ago.

Vera Bradley Inc. said its fiscal first-quarter earnings slid 29% as the handbag and accessories designer’s sales and traffic declined. For the current quarter, the company forecast per-share earnings between 18 cents and 20 cents and revenue between $113 million and $120 million.

Rite Aid Corp. offered a downbeat outlook for the current period and the year. The company cut its earnings guidance for the year to a range of 30 cents to 40 cents a share from its previous projection of 31 cents to 42 cents a share.