US stocks rise amid stimulus expectations

NEW YORK: Wall Street stocks opened higher Thursday as traders continued to expect more fiscal support for the coronavirus-battered US economy, after government employment data showed layoffs remained widespread.

New applications for unemployment benefits fell slightly in the United States last week to 793,000, the Labor Department said, still an exceptionally high level nearly a year into the coronavirus pandemic.

The data came a day after Federal Reserve Chair Jerome Powell emphasized the scarring in the labor market and signaled an extension of the central bank's easy money policies.

Investors also expect Congress to enact all or most of President Joe Biden's $1.9 trillion stimulus package.

About 25 minutes into trading, the Dow Jones Industrial Average was up 0.1 percent at 31,472.32, adding to Wednesday's record close.

The broad-based S&P 500 increased 0.2 percent at 3,919.11, while the tech-rich Nasdaq Composite Index gained 0.4 percent to 14,020.80.

Uber Technologies fell 1.7 percent as it reported another hefty loss in the final three months of 2020, though the company's food delivery operations partly offset the hit. The loss of $968 million was narrowed slightly from $1.1 billion in the same period a year earlier.

Kraft Heinz surged 6.5 percent as it announced the sale of its nuts business to Hormel Foods for $3.4 billion. Hormel fell 0.7 percent.