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U.S. stocks open higher on weekly claims

Xinhua, May 14, 2015 Adjust font size:

U.S. stocks opened higher on Thursday, as weekly jobless claims fell, suggesting the labor market was solid.

In the week ending May 9, the advance figure for seasonally adjusted initial claims was 264,000, a decrease of 1,000 from the previous week's unrevised level of 265,000, the U.S. Labor Department announced Thursday.

The 4-week moving average was 271,750, a decrease of 7,750 from the previous week's unrevised average of 279,500. This is the lowest level for this average since April 22, 2000, when it was 266,750.

The Producer Price Index for final demand fell 0.4 percent in April, seasonally adjusted, the U.S. Labor reported Thursday. Final demand prices moved up 0.2 percent in March and decreased 0.5 percent in February.

Analysts said the central bank will eye the employment situation and inflation for hints for an interest rate hike.

Shortly after the opening bell, the Dow Jones Industrial Average soared 137.90 points, or 0.76 percent, to 18,198.39. The S&P 500 was up 12.70 points, or 0.61 percent, to 2,111.18. The Nasdaq Composite Index gained 31.01 points, or 0.62 percent, to 5,012.70.

U.S. stocks shaved early gains to end narrowly mixed Wednesday as retail sales of the country came out disappointing. Endi