Investing.com - U.S. stock markets opened higher on Thursday, after data showed that the number of people who filed for unemployment assistance in the U.S. fell to the lowest level since January 2008 last week.
Sentiment was also boosted after the Federal Reserve gave no indications on whether it will begin to taper its bond buying program in the near future.
During early U.S. trade, the Dow Jones Industrial Average rose 0.9%, the S&P 500 index rallied 1%, while the Nasdaq Composite index advanced 0.9%.
The U.S. Department of Labor said earlier that the number of individuals filing for initial jobless benefits fell by 19,000 to a seasonally adjusted 326,000 last week.
Jobless claims for the preceding week were revised up to a gain of 345,000, from a previously reported 343,000. Analysts had expected U.S. jobless claims to hold steady at 345,000 last week.
Market players now looked ahead to highly-anticipated data on U.S. nonfarm payrolls due on Friday for indications of how the recovery in the U.S. labor market is progressing.
Meanwhile, the Fed said on Wednesday that it would keep buying USD85 billion a month in mortgage and Treasury securities and gave no hint of plans to pare its stimulus program.
In earnings news, Dow component Proctor & Gamble saw shares climb 2.2% after reporting better-than-expected second quarter earnings and revenue figures.
Time Warner Cable shares rose 3.1% after the company reported second quarter earnings per shares of USD1.69, above market expectations for USD1.65.
Yelp saw shares rally more than 20% after several brokers upgraded the online review company's stock following its upbeat second quarter results released after Wednesday’s closing bell.
Meanwhile, JC Penny saw shares climb 2% after clarifying that a New York Post report that CIT Group had stopped backing deliveries to Penney stores from small manufacturers was false.
On the downside, the world’s largest oil and gas company Exxon Mobil saw shares slump 2% after reporting lower-than-expected second quarter earnings earlier in the day.
Later in the session, the U.S. Institute of Supply Management was to release a report on manufacturing activity.
Across the Atlantic, European stock markets added to gains after European Central Bank President Mario Draghi confirmed that interest rates would remain at present or lower levels for an extended period of time.
The EURO STOXX 50 rose 1.1%, France’s CAC 40 added 0.9%, Germany's DAX edged rallied 1.4%, while Britain's FTSE 100 gained 0.6%.
Speaking at the ECB’s post-policy meeting press conference, Draghi said that the central bank’s monetary policy will remain accommodative “for an extended period of time”.
Draghi’s comments came after the ECB held its benchmark interest rate at a record low 0.50% in August, in line with expectations.
European equities were further supported after data indicated that the slump in the euro zone’s manufacturing sector is easing.
Data released earlier showed that July’s manufacturing purchasing managers’ index improved to a two-year high of 50.3 from 48.8 in June.
Germany’s manufacturing PMI was revised up to an 18-month high of 50.7 in July from a final reading of 48.6 in June and above the preliminary reading of 50.3.
Also Thursday, the Bank of England announced no changes to monetary policy following its policy-setting meeting.
The BoE left interest rates on hold at a record low 0.5% and kept the size of its asset purchase program unchanged at GBP375 billion.
The decision came after Markit said the U.K. manufacturing purchasing managers' index rose to a 28-month high of 54.6 last month, from a reading of 52.9 in June.
During the Asian trading session, Hong Kong's Hang Seng Index rose 0.95%, while Japan’s Nikkei 225 Index surged 2.5% on the back of a slew of upbeat earnings reports.
Sentiment was also buoyed following the release of stronger-than-expected data on Chinese factory activity.
A government report released earlier in the session showed that China’s manufacturing purchasing managers' index rose unexpectedly to 50.3 in July from 50.1 in June.
A reading above 50.0 indicates industry expansion, below indicates contraction.
Sentiment was also boosted after the Federal Reserve gave no indications on whether it will begin to taper its bond buying program in the near future.
During early U.S. trade, the Dow Jones Industrial Average rose 0.9%, the S&P 500 index rallied 1%, while the Nasdaq Composite index advanced 0.9%.
The U.S. Department of Labor said earlier that the number of individuals filing for initial jobless benefits fell by 19,000 to a seasonally adjusted 326,000 last week.
Jobless claims for the preceding week were revised up to a gain of 345,000, from a previously reported 343,000. Analysts had expected U.S. jobless claims to hold steady at 345,000 last week.
Market players now looked ahead to highly-anticipated data on U.S. nonfarm payrolls due on Friday for indications of how the recovery in the U.S. labor market is progressing.
Meanwhile, the Fed said on Wednesday that it would keep buying USD85 billion a month in mortgage and Treasury securities and gave no hint of plans to pare its stimulus program.
In earnings news, Dow component Proctor & Gamble saw shares climb 2.2% after reporting better-than-expected second quarter earnings and revenue figures.
Time Warner Cable shares rose 3.1% after the company reported second quarter earnings per shares of USD1.69, above market expectations for USD1.65.
Yelp saw shares rally more than 20% after several brokers upgraded the online review company's stock following its upbeat second quarter results released after Wednesday’s closing bell.
Meanwhile, JC Penny saw shares climb 2% after clarifying that a New York Post report that CIT Group had stopped backing deliveries to Penney stores from small manufacturers was false.
On the downside, the world’s largest oil and gas company Exxon Mobil saw shares slump 2% after reporting lower-than-expected second quarter earnings earlier in the day.
Later in the session, the U.S. Institute of Supply Management was to release a report on manufacturing activity.
Across the Atlantic, European stock markets added to gains after European Central Bank President Mario Draghi confirmed that interest rates would remain at present or lower levels for an extended period of time.
The EURO STOXX 50 rose 1.1%, France’s CAC 40 added 0.9%, Germany's DAX edged rallied 1.4%, while Britain's FTSE 100 gained 0.6%.
Speaking at the ECB’s post-policy meeting press conference, Draghi said that the central bank’s monetary policy will remain accommodative “for an extended period of time”.
Draghi’s comments came after the ECB held its benchmark interest rate at a record low 0.50% in August, in line with expectations.
European equities were further supported after data indicated that the slump in the euro zone’s manufacturing sector is easing.
Data released earlier showed that July’s manufacturing purchasing managers’ index improved to a two-year high of 50.3 from 48.8 in June.
Germany’s manufacturing PMI was revised up to an 18-month high of 50.7 in July from a final reading of 48.6 in June and above the preliminary reading of 50.3.
Also Thursday, the Bank of England announced no changes to monetary policy following its policy-setting meeting.
The BoE left interest rates on hold at a record low 0.5% and kept the size of its asset purchase program unchanged at GBP375 billion.
The decision came after Markit said the U.K. manufacturing purchasing managers' index rose to a 28-month high of 54.6 last month, from a reading of 52.9 in June.
During the Asian trading session, Hong Kong's Hang Seng Index rose 0.95%, while Japan’s Nikkei 225 Index surged 2.5% on the back of a slew of upbeat earnings reports.
Sentiment was also buoyed following the release of stronger-than-expected data on Chinese factory activity.
A government report released earlier in the session showed that China’s manufacturing purchasing managers' index rose unexpectedly to 50.3 in July from 50.1 in June.
A reading above 50.0 indicates industry expansion, below indicates contraction.