US stocks jump on improved jobs data

NEW YORK: US stocks opened with solid gains Thursday after new data indicated steady improvement in the jobs market, and despite the dollar's drop on stronger signals of a looming European rate hike.

The Dow Jones Industrial Average picked up 126.62 (1.05 percent) to 12,193.42, while the broader S&P 500 gained 14.20 (1.09 percent) 1,322.64.

The tech-heavy Nasdaq Composite added 33.02 (1.20 percent) at 2,781.09.

The market jump came after government data showed initial jobless claims dropped to 368,000 in the week ending February 26, the lowest level since late May 2008 -- another suggestion that the economic recovery is gaining pace.

"Participants continue to witness the resilient nature of a stock market supported by strong earnings growth, low interest rates, low inflation, and relative value," said Patrick O'Hare at Briefing.com.

A strong hint from the European Central Bank Thursday that a hike of interest rates could come as early as next month meanwhile sent the dollar dropping against the euro; the euro climbed to $1.3944 from $1.3867 late Thursday.