NEW YORK (AP) - Stocks are opening broadly higher after an unexpected drop in unemployment claims and signs of progress in Europe's debt crisis. The gains came one day after the Dow Jones industrial average sank nearly 400 points.
Concerns about Europe eased slightly after Italy sold debt at borrowing rates that were more favorable than analysts expected. Greece named a new prime minister to lead an interim government.
Applications for unemployment benefits fell last week to their lowest level since mid-April. That is a sign the job market may be improving.
The Dow was up 135 points, or 1.2 percent, to 11,917 five minutes after the market opened Thursday. The S&P 500 rose 15, or 1.2 percent, to 1,244. The Nasdaq gained 30, or 1.1 percent, to 2,651.
U.S. stocks edge up a day after big losses
NEW YORK (AP) - Stock indexes are pushing higher one day after the Dow Jones industrial average sank by nearly 400 points.
Wednesday's losses were the worst for the stock market since the volatile trading in August. Traders are concerned that a debt crisis in Italy and Greece will lead to a painful global recession.
Those worries eased slightly Thursday after Italy sold $6.8 billion worth of debt at borrowing rates that were more favorable than analysts expected.
In the U.S., investors will receive a report on the number of initial applications for unemployment benefits last week.
Two hours before the opening bell, Dow futures were up 98 points, or 0.8 percent, to 11,830. S&P 500 futures rose 14, or 1.1 percent, to 1,239. Nasdaq 100 futures gained 23, or 1 percent, to 2,340.