Stocks Opened Higher after Encouraging Claims Data

The U.S. stock market opened higher on Thursday, as investors digested fresh signs that the labor market is improving faster than expected. The Dow Jones Industrial Average lately added 32.56 points, or 0.20%, to 16,475.90. The S&P 500 was up 3.85 points, or 0.20%, to 1,924.09. The Nasdaq Composite gained 9.77 points, or 0.22%, to 4,364.82.

The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, pointing to a further strengthening of labor market conditions. Initial claims for state unemployment benefits decreased by 14,000 to a seasonally adjusted 289,000 for the week ended Aug. 2, the Labor Department said on Thursday.

21st Century Fox Inc. reported a better-than-expected profit for its fiscal fourth-quarter. Fox reported a profit of $1.09 billion, or 45 cents a share, up from a loss of $371 million, or 16 cents a share, a year earlier. Revenue increased 17% to $8.42 billion.

Transocean’s second-quarter profit rose 91% as the offshore oil driller reported lower expenses. For the latest quarter, Transocean reported a profit of $587 million, or $1.61 a share, up from $307 million, or 84 cents a share, a year earlier.Revenue fell 1.5% to $2.33 billion.

Google Inc. (GOOG) and Barnes & Noble Inc. (BKS) are teaming up to take on rival Amazon Inc.(AMZN) in the speedy delivery of books, the New York Times reported Thursday.