Stocks Open Higher on Positive Jobless Numbers
The number of initial unemployment claims fell below 400,000 for the first time in four months
Update 10:37 a.m. ET: Continuing its upward march, the Dow is now up 241 points.
The stock market opened higher Thursday morning following a labor market report that exceeded expectations. Currently the Dow is up 138 points following a 520-point loss on Wednesday. This morning, the Labor Department reported that the number of people seeking unemployment benefits dropped by 7,000 down to 395,000, the first time the figure has been below 400,000 in four months. The Associated Press calls it, "a sign that the job market may be improving slowly after a recent slump." According to CNN Money, "U.S. markets are likely headed for another roller coaster ride... as investors weigh positive news at home against growing concerns about fiscal problems in Europe." Mark Luschini, chief investment strategist at Janney Montgomery Scott, told CNN Money "once again, investors are worried that France's credit rating will get downgraded, even though the rating agencies are saying they don't foresee having to do that."