Jobless-claims decline and earnings strength fuel U.S. stock rise early Thursday

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U.S. stock indexes opened modestly higher on Thursday, with the bulls finding some support on the heels of an upbeat report from semiconductor maker Nvidia Corp. NVDA, +8.25%, which reported a 50% jump in revenue late Wednesday. Meanwhile, economic data on the day was strong, despite worries about higher inflation and supply-chain bottlenecks, which have dogged investors. New filings for jobless benefits slipped by 1,000 to 268,000 in the seven days ended Nov. 13, the government said. Economists polled by The Wall Street Journal had estimated initial jobless claims would total a seasonally adjusted 260,000. And the Philadelphia Federal Reserve Bank’s manufacturing index jumped in November to 39 from 23.8. Against that backdrop, stocks were tilting higher. The Dow Jones Industrial Average [: DJIA] traded flat at 35,921, near the open, the S&P 500 index SPX, +0.34% advanced 0.2% to 4,697 and briefly retook 4,700, and the Nasdaq Composite Index COMP, +0.45% advanced 0.3% to around 15,965. Outperformance by chip maker Nvidia was helping to bolster gains in the broader S&P 500.

This article was originally published by Marketwatch.com. Read the original article here.

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