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U.S. stocks open higher on upbeat data

Xinhua, July 14, 2016 Adjust font size:

U.S. stocks opened higher Thursday as investors digested a batch of positive economic reports.

In the week ending on July 9, the advance figure for seasonally adjusted initial claims was 254,000, unchanged from the previous week's unrevised level and below market consensus of 265,000, the U.S. Labor Department announced Thursday.

The four-week moving average was 259,000, a decrease of 5,750 from the previous week's unrevised average of 264,750.

In a separate report, the department said that the Producer Price Index (PPI) for final demand increased 0.5 percent in June, seasonally adjusted, beating market estimates.

On an unadjusted basis, the final demand index advanced 0.3 percent for the 12 months ended in June, the largest 12-month increase since moving up 0.9 percent in December 2014.

In corporate news, shares of JPMorgan Chase & Co. jumped over 2 percent in early trading Thursday, after the U.S. bank posted better-than-expected quarterly results.

Shortly after the opening bell, the Dow Jones Industrial Average rose 124.64 points, or 0.68 percent, to 18,496.76. The S&P 500 gained 12.77 points, or 0.59 percent, to 2,165.20. The Nasdaq Composite Index added 35.39 points, or 0.71 percent, to 5,041.12.

On Wednesday, U.S. stocks closed mixed, with the Dow and the S&P 500 eclipsing Tuesday's closing records, as investors digested the newly released Federal Reserve's Beige Book. Endi