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U.S. stocks open higher on strong labor market data

Xinhua, July 7, 2016 Adjust font size:

U.S. stocks opened higher Thursday, as investors digested a batch of strong labor market data and awaited a key nonfarm report.

The U.S. private sector employment increased by 172,000 jobs from May to June, more than the market expectation of 159,000, according to the June ADP national employment report.

In the week ending on July 2, the advance figure for seasonally adjusted initial jobless claims was 254,000, a decrease of 16,000 from the previous week's revised level, announced the U.S. Labor Department on Thursday.

Meanwhile, traders will keep a close eye on Friday's nonfarm jobs report this week for more clues on the central bank's next rate hike.

Fed policymakers decided in June that it will wait for more data and the Brexit vote result before raising rates, according to minutes of Fed's June policy meeting released on Wednesday.

Shortly after the opening bell, the Dow Jones Industrial Average was up 39.86 points, or 0.22 percent, to 17,958.48. The S&P 500 rose 5.75 points, or 0.27 percent, to 2,105.48. The Nasdaq Composite Index gained 17.71 points, or 0.36 percent, to 4,876.87.

U.S. stocks pared early losses to close higher on Wednesday, as investors digested U.S. Federal Reserve minutes and a slew of economic data. Endi