U.S. stocks open higher despite worse-than-expected jobless claims

Xinhua
15 Jan 2021, 02:18 GMT+10

NEW YORK, Jan. 14 (Xinhua) -- U.S. stocks opened higher on Thursday even after data showed the number of Americans filing for unemployment benefits jumped last week.

Shortly after the opening bell, the Dow Jones Industrial Average increased 137.00 points, or 0.44 percent, to 31,197.47.47. The S&P 500 advanced 8.85 points, or 0.23 percent, to 3,818.69. The Nasdaq Composite Index rose 49.39 points, or 0.38 percent, to 13,178.34.

Eight of the 11 primary S&P 500 sectors moved higher in morning trading, with energy up 1 percent, leading the gainers. Utilities slipped 0.5 percent, becoming the worst-performing group.

The market garnered some support from the news later on Thursday that President-elect Joe Biden is expected to unveil his proposed stimulus.

On the data front, U.S. initial jobless claims, a rough way to measure layoffs, soared to 965,000 in the week ending Jan. 9, following 784,000 in the prior week, the Department of Labor reported Thursday, as the surging COVID-19 pandemic continues to threaten the labor market.

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