Stocks Opened Slightly Higher amid Data

U.S. stocks opened marginally higher on Wednesday as investors focused on a number of positive economic reports.  The Dow Jones Industrial Average lately added 3.74 points, or 0.02%, to 17,815.93. The S&P 500 was down 0.38 point, or 0.02%, to 2,088.76. The Nasdaq Composite gained 4.66 points, or 0.09%, to 5,107.47.

The number of people seeking U.S. unemployment aid dropped sharply last week, the Labor Department said Wednesday, the latest sign that businesses are cutting few jobs. Weekly applications for jobless benefits dropped 12,000 last week to a seasonally adjusted 260,000.

A gauge of U.S. business investment plans surged in October, the latest suggestion that the worst of the drag from a strong dollar and deep spending cuts by energy firms was over. The Commerce Department said on Wednesday non- defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, increased 1.3 percent last month after an upwardly revised 0.4 percent rise in September.

Deere & Co. shares (DE) blew past profit and sales estimates for its fiscal fourth quarter, as cost cuts helped offset weakness in global markets for farm and construction equipment. The company said it had net income of $351.2 million, or $1.08 a share, in the quarter, after $649.2 million, or $1.83 a share, in the year-earlier period. Sales fell 25% to $6.715 billion.

Hormel Foods Corp. (HRL) said Wednesday its board has approved a 2-for-1 stock split of its common stock, the tenth such move in the company’s history.