Stocks Opened Firmly Higher after Jobless Claims Data

Stocks opened firmly higher on Thursday as U.S. jobless claims tumbled to an eight-week low, signaling strength in the labor market, boosted sentiment. The Dow Jones Industrial Average lately jumped 137.21 points, or 0.77%, to 17,918.04. The S&P 500 rose 14.70 points, or 0.70%, to 2,100.15. The Nasdaq Composite climbed 33.32 points, or 0.69%, to 4,866.64.

Fewer Americans than forecast filed for unemployment benefits last week, adding to evidence that the labor market is healthy and stable. Jobless claims dropped by 18,000 to 259,000 in the period ended June.

Oil prices rose by up to 2 percent on Thursday. Global benchmark front-month Brent crude was trading up 93 cents at $50.81 a barrel by 1035 GMT. It touched an intra-day high of $50.90 a barrel, up $1.02 from Wednesday’s close. U.S. futures stood at $49.92, up 79 cents.

Macy’s Inc. (M) said Thursday that Jeff Gennette will succeed Terry Lundgren as chief executive officer in the first quarter of 2017. Thereafter, Lundgren, who has been CEO since 2003 and chairman since 2004, will continue as executive chairman and work alongside Genenette as president and CEO.

BlackBerry’s transition to a software and services-based business is nearly complete as the acquisition of Good Technology bolsters applications and the company’s smartphone business tanks.

There was a time when Morgan Stanley Analyst Adam Jonas thought shares of Tesla Motors Inc. would nearly double. But after Chief Executive Officer Elon Musk presented a $2.86 billion plan to combine Tesla and SolarCity Corp., the analyst is drastically cutting his price target and downgrading the stock.