U.S. stocks open higher on upbeat jobless data

U.S. stocks opened higher Thursday as new labor-market data cheered the Wall Street.

Investor sentiments were boosted as jobless claims plunged last week. In the week ending Jan. 24, the advance figure for seasonally adjusted initial jobless claims dropped by 43,000 to 265,000, hitting the lowest level since April 15, 2000, said U.S. Labor Department.

McDonald's gained, which helped lift the Dow in early New York trading, after the fast-food chain said its chief executive officer would be replaced by its chief brand officer in March.

In earnings news, Ford Motor said its fourth-quarter net income plunged to 52 million U.S. dollars from 3 billion dollars a year ago. Still, earnings adjusted for one-time costs were 26 cents a share, beating analysts' expectations.

But shares of Alibaba, the Chinese e-commerce giant, fell over 10 percent in early trading after the company reported quarterly revenue short of estimates.

The Chinese e-commerce tycoon's quarterly revenue increased by 40 percent to 4.219 billion dollars, while its quarterly net income showed a decrease of 28 percent.

Shortly after the opening bell, the Dow Jones Industrial Average rose 49.96 points, or 0.29 percent, to 17,241.33. The S&P 500 gained 3.44points, or 0.17 percent, to 2,005.60. The Nasdaq Composite Index edged up 1.90 points, or 0.04 percent, to 4,639.90.

U.S. stocks shaved early gains to drift lower on Wednesday despite cheerful earnings, as the Federal Reserve's statement and falling oil price weighed on market sentiment. Endi