Stocks Opened Higher after Upbeat Economic Data

U.S. stocks opened higher on Thursday, after a pair of U.S. economic-data reports were stronger than expected. The Dow Jones Industrial Average lately added 131.38 points, 527%, to 5,031.78.

The number of Americans who applied for unemployment benefits last week was unchanged at 254,000, offering more proof that the U.S. labor market remains sound despite a slower pace of hiring in 2016. The average of new jobless claims over the past month fell by 5,750 to a two-and-a-half month low of 259,000, the Labor Department said Thursday.

U.S. producer prices jumped 0.5% in June — the biggest increase in more than a year — largely owing to higher oil prices and margins for financial services. In the past 12 months, the producer price index has advanced 0.3%, the first year-over-year increase since the end of 2014, the Labor Department said.

J.P. Morgan Chase & Co. posted stronger-than-expected quarterly earnings and a surprise increase in revenue, while its expenses declined. The largest U.S. bank by assets reported a profit of $6.2 billion, or $1.55 a share. That compares with a profit of $6.29 billion, or $1.54 a share, in the same period of 2015. Revenue rose to $25.21 billion.

The Bank of England’s surprised in its first post-Brexit policy decision by leaving key interest rates unchangedat 0.5%. However, the U.K. central bank heavily hinted a rate cut could happen on August 4, when it meets for both a policy-setting meeting and releases its quarterly inflation report.