US stocks jump after solid jobs numbers, ECB rate cut
NEW YORK: US stock markets opened in positive territory on Thursday, propped up by solid US jobs numbers and a European Central Bank interest rate cut.
The blue-chip Dow Jones Industrial Average gained 127.91 points (1.08 percent) to 11,963.95 in the first 10 minutes of trade.
The tech-heavy Nasdaq Composite opened up 17.70 points (0.67 percent) to 2,657.68.
The S&P 500-stock index, a broader measure of the markets, gained 10.79 points (0.87 percent) to 1,248.69.
"Fewer Americans applied for unemployment benefits last week, a hopeful sign that the job market might be picking up," said analysts at Wells Fargo.
New claims for unemployment insurance fell to their lowest level in five weeks, according to government data released Thursday.
Initial jobless claims totaled 397,000 in the week ending October 29, down from a revised 406,000 claims the previous week, the Labor Department reported.
Meanwhile a surprise move by the ECB to spark the faltering European economy won praise.
"The European Central Bank has cut interest rates by a quarter percentage point under new head Mario Draghi as it tries to boost a weakening economy that's reeling from a government debt crisis that threatens to spread from Greece," said Wells Fargo.
Copyright AFP (Agence France-Presse), 2011
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