MARKET SNAPSHOT: U.S. Stocks Open Higher As Oil's Surge Boosts The Energy Sector
May 05 2016 - 10:16AM
Dow Jones News
By Ellie Ismailidou and Barbara Kollmeyer, MarketWatch
Jobless claims miss expectations; Alibaba climbs on strong
earnings
U.S. stocks rose modestly after the opening bell Thursday, as
oil prices surged on worries that wildfires raging in Alberta could
hamstring crude output.
The S&P 500 index rose 3 points, or 0.1%, to 2,053, led by
strong gains in the energy sector, up 1.7%.
The Dow industrials rose 25 points, or 0.1%, to 17,670, boosted
by a 1.3% rise in Chevron Corporation, (CVX). The Nasdaq Composite
climbed 4 points, or less than 0.1%, to 4,729.
See also: How a raging inferno in Alberta is hobbling oil
production
(http://www.marketwatch.com/story/how-a-raging-inferno-in-alberta-is-hobbling-oil-production-2016-05-05)
Strong earnings from companies like Tesla Motors Inc. (TSLA) and
Alibaba Group Holding Ltd. (BABA) also helped boost the broader
market.
But the main benchmarks were weighed by weak data on the U.S.
labor market, where the number of Americans who applied for
unemployment benefits
(http://www.marketwatch.com/story/us-jobless-claims-climb-17000-to-274000-2016-05-05)
at the end of April rose to a five-week high, missing economists'
expectations.
The jobless-claims data came one day after a
weaker-than-expected report on private-sector payrolls and a fall
in worker productivity, which pushed stocks to finish lower on
Wednesday
(http://www.marketwatch.com/story/us-stock-futures-mired-in-red-with-private--payrolls-data-on-tap-2016-05-04).
(END) Dow Jones Newswires
May 05, 2016 10:01 ET (14:01 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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