US stocks open higher in abbreviated trading day
Source: AP-Excite
By ALEX VEIGA
U.S. stocks edged higher in early trading Wednesday a day after the Dow Jones industrial average closed above 18,000 for the first time. Investors welcomed new data showing a drop in weekly applications for unemployment benefits, which are a proxy for layoffs. Trading will close early Wednesday ahead of the Christmas holiday.
KEEPING SCORE: The Dow Jones industrial average rose 40 points, or 0.2 percent, to 18,064 as of 10:02 a.m. Eastern time. The Standard & Poor's 500 gained two points, or 0.1 percent, to 2,084. The Nasdaq composite added 13 points, or 0.3 percent, to 4,779.
WEEK OF MILESTONES: The Dow and the S&P 500 notched all-time highs the first two days of the week. The indexes finished higher in the five trading days through Tuesday, recovering the last of the ground they lost in an early-December slump.
UNEMPLOYMENT BENEFITS: The Labor Department reported that the number of Americans applying for unemployment benefits dropped last week to 280,000. That's the lowest level in seven weeks and the latest sign that the U.S. economy and job market are steadily improving. In the first 11 months of this year, employers have added 2.65 million jobs. That already makes 2014 the best year for hiring since 1999. The report comes a day after the Commerce Department said that the economy grew at an annual rate of 5.5 percent in the July-September quarter, the fastest pace in 11 years.
FULL story at link.
Traders work on the floor at the New York Stock Exchange, Tuesday, Dec. 23, 2014, in New York. U.S. stocks pushed further into record territory on Tuesday as the Dow Jones industrial average crossed past the 18,000-point mark for the first time. (AP Photo/Seth Wenig)
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