Stocks Opened Sharply Higher; Dow Jumped Over 200

U.S. stocks opened sharply higher on Thursday echoing big gains in global equity markets. The Dow Jones Industrial Average lately jumped 206.71 points, or 1.18%, to 17,722.13. The S&P 500 gained 23.33 points, or 1.14%, to 2,070.01. The Nasdaq Composite was up 62.06 points, or 1.26%, to 4,971.82.

China’s benchmark Shanghai Composite stock index (Shanghai Stock Exchange: .SSEC) jumped almost 6 percent after Beijing delivered its latest salvo of measures to prop up a market that has crashed nearly 30 percent in the past month

The number of Americans filing for first-time unemployment benefits rose last week but remained at historically low levels. Initial jobless claims, an estimate of layoffs, climbed 15,000 to a seasonally adjusted 297,000 in the week ended July 4, the Labor Department said Thursday.

The International Monetary Fund on Thursday trimmed its forecast for global economic growth for this year to take into account the impact of recent weakness in the United States. In an update to its World Economic Outlook report, the IMF said the global economy should expand 3.3 percent this year. Growth should speed up to 3.8 percent next year.

Coty Inc (COTY.N) has sealed a deal to buy Procter & Gamble Co’s (PG.N) beauty business, which includes brands such as Clairol and Wella, in a $12.5 billon (8.12 billion pounds) transaction that will make the perfume maker one of the world’s largest beauty companies.