News Column

U.S. stocks open higher as jobless claims fall

July 24, 2014

NEW YORK (CIHAN)- U.S. stocks opened higher Thursday, pushing the S&P 500 to a new all-time intraday high and near the 2,000 points mark, as U.S. jobless claims last week fell to the lowest level in more than eight years.

In the week ending July 19, the advance figure for seasonally adjusted initial claims was 284,000, a decrease of 19,000 from the previous week's revised level, representing the lowest level for initial claims since February 2006, said the U.S. Labor Department Thursday.

The corporate earnings calendar is very busy on Thursday. Auto maker Ford Motor Company early Thursday reported pre-tax profit of 2.6 billion U.S. dollars, excluding special items, which was 44 million dollars higher than a year ago. Its after-tax earnings per share were 40 cents, topping analysts' forecast of 36 cents a share. Ford shares rose 1.12 percent to trade at 17.98 dollars apiece Thursday morning.

Shares of Caterpillar, a component of the Dow Jones Industrial Average, fell 2.66 percent to 105.50 dollars apiece in early trading after the world' s leading construction equipment maker reported mixed second-quarter results, with profit topping estimates while revenues trailing forecast.

Facebook shares jumped 5.49 percent to trade at 75.20 dollars a share after the social networking company late Wednesday reported better-than-expected quarterly profit and revenue helped by surging mobile advertising revenue.

Shortly after the opening bell, the Dow rose 30.79 points, or 0.18 percent, to 17,117.42. The S&P 500 added 2.77 points, or 0.14 percent, to 1,989.78. The Nasdaq Composite Index was up 7.05 points, or 0.16 percent, to 4,480.74. Enditem (Cihan/Xinhua)


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Source: Cihan News Agency (Turkey)

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