NEW YORK: U.S. stocks opened higher on Thursday as shareholders pondered over a batch of economic reports.
At 11:10 A.M. EST, the Dow Jones Industrial Average rose 151.80 points, or 0.62 percent, to 24,694.34. The S&P 500 added 15.04 points, or 0.56 percent, to 2,712.83. The Nasdaq Composite Index was up 45.67 points, or 0.62 percent, to 7,385.58.
The consumer price index (CPI) for all urban consumers raised 0.2 percent in April on a seasonally adjusted basis, missing the market consensus of 0.3 percent, the U.S. Labor Department stated Thursday. Over the last 12 months, the all-items index rose 2.5 percent before seasonal adjustment.
The index for all items less food and energy raised 0.1 percent in April, below market estimates of a 0.2-percent gain.
Some analysts believed that the Federal Reserve won’t become more aggressive after the release of the tamed inflation data.
In a separate report, the department declared that in the week ending May 5, the advance figure for seasonally adjusted initial claims was 211,000, unchanged from the previous week’s unrevised level.
The four-week moving average was 216,000, a decrease of 5,500 from the previous week’s unrevised average of 221,500. This is the lowest level for this average since December 20, 1969, when it was 214,500.
On Wednesday, U.S. stocks rallied, with the Dow extending its winning streak to a fifth straight day, as surging oil prices sent energy stocks higher.