US stocks open higher on jobs, housing data

Specialists Thomas Bishop, left, and Michael Pistillo work at their post on the floor of the New York Stock Exchange Wednesday, Aug. 15, 2012. Stocks opened higher Thursday helped by data on new jobless claims and housing construction that added evidence the economy is growing steadily. AP PHOTO/RICHARD DREW

NEW YORK—US stocks opened higher Thursday helped by data on new jobless claims and housing construction that added evidence the economy is growing steadily, if still at a slow pace.

Five minutes into trade, the blue-chip Dow Jones Industrial Average had gained 10.92 points (0.08 percent) to 13,175.70.

The broader S&P 500-stock index moved up 1.74 (0.12 percent) to 1,407.27, while the tech-heavy Nasdaq index added 7.86 points (0.26 percent) to 3,038.79.

Weekly numbers for new claims for unemployment insurance, an indicator of the pace of layoffs, came in as expected and in the same range of the past four months while July data on new housing construction, although slightly down from June, gave a picture of an industry steadily picking up pace.

Unemployment claims numbers “point to improving conditions in the labor market as the four-week average of claims is only slightly higher than the low reading for March,” said RDQ Economics, adding the housing data “points to further improvement ahead for construction.”