Stocks Opened Higher after Economic Reports

U.S. stocks opened higher on Thursday, boosted by strong economic reports. The Dow Jones Industrial Average lately added 143.88 points, or 0.82%, to 17,677.03. The S&P 500 rose 22.09 points, or 1.09%, to 2,048.23. The Nasdaq Composite gained 50.09 points, or 1.07%, to 4,734.12.

The number of Americans filing new claims for unemployment benefits fell last week, pointing to a strengthening labor market. Initial claims for regular state unemployment-insurance benefits inched down by 3,000 to 294,000 in the week that ended Dec. 6, the U.S. Labor Department reported.

U.S. consumer spending advanced at a brisk clip in November as lower gasoline prices gave the holiday shopping season a boost, offering the latest sign of underlying momentum in the economy. The Commerce Department said on Thursday retail sales excluding automobiles, gasoline, building materials and food services, increased 0.6 percent last month after rising 0.5 percent in October.

The European Central Bank’s second offering of almost zero-cost loans to banks drew only tepid interest on Thursday, underlining fragile confidence in the euro zone economy and making ECB money- printing appear all but inevitable.

Activist investor Starboard Value LP has bought a 5.1 percent stake in Staples Inc. and increased its holding in Office Depot Inc. to 9.9 percent, in a move that could increase pressure on the two companies to merge.

RadioShack Corp. on Thursday outlined cost-cutting efforts to boost its earnings by more than $400 million a year, as the struggling electronics chain works to shore up its finances and fight back against lenders who say it has defaulted on a loan. RadioShack also reported its loss widened in its November quarter.

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