Stocks rally at open after better jobs data
November 5, 2009
NEW YORK -- Stocks are climbing in early trading after the government reports a bigger-than-expected drop in workers seeking unemployment benefits.
The Labor Department says initial claims for jobless benefits fell to 512,000 last week, the lowest level since January. Economists had expected 523,000 new claims.
The report has offered investors fresh hope that the government's monthly report on employment Friday may come in better than expected.
Meanwhile, October sales reports from major retailers are mixed.
The Dow Jones industrial average is up 76 at 9,878. The Standard & Poor's 500 index is up 6 at 1,052, and the Nasdaq composite index is up 20 at 2,076.