Stocks Opened Higher amid Positive Data, Rate Decisions

Stocks opened higher Thursday as investors considered positive new U.S. economic data and digested global monetary policy decisions after the Federal Reserve’s rate cut Wednesday. The Dow Jones Industrial Average lately rose 64.98 points, or 0.24%, to 27,212.06. The S&P 500 gained 7.92 points, or 0.26%, to 3,014.65. The Nasdaq Composite gained 34.40 points, or 0.42%, to 8,211.79.

Oil futures bounced back Thursday, after reports Saudi Arabia contacted foreign producers looking for crude as it attempts to fill holes in its supply chain following last weekend’s attacks on the country’s production facilities. West Texas Intermediate crude for November delivery rose $1.42, or 2.4%, to $59.46 a barrel, while November Brent crude was up $1.81, or 2.8%, at $65.41 a barrel.

Initial jobless claims and continuing claims came in at lower-than-expected levels last week, the Department of Labor said Thursday. New unemployment claims were at a seasonally adjusted 208,000 for the week ending September 14, coming in lower than the 213,000 consensus economists expected. Jobless claims for the week prior were upwardly revised by 2,000 to 206,000.

Separately, regional manufacturing activity in the Federal Reserve Bank of Philadelphia’s district fell less-than-expected in September, according to a new report Thursday. The headline index for general activity fell to 12.0 from 16.8 in August, with sub-indices for shipments and employment each increasing.

A host of global central banks delivered monetary policy decisions Thursday. Seven of the 17 Federal Open Market Committee members telegraphed at least one more quarter-point cut to rates by the end of the year, while 5 said rates should remain at the new level of between 1.75% and 2.00%, and another 5 said rates should have remained higher at between 2.00% and 2.25%.