All three major U.S. stock benchmarks were trading sharply higher Thursday morning, as investors digested labor-market data showing initial jobless claims fell last week. The Dow Jones Industrial Average was up 1.2%, while the S&P 500 gained 1.1% and the Nasdaq Composite climbed 1%, according to FactSet data, at last check. The U.S. Department of Labor reported Thursday that new jobless claims fell by 8,000 in the week ending May 21 to 210,000, signaling that layoffs remain extremely low. All three major benchmarks finished higher Wednesday, with the Dow booking a fourth straight day of gains.
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