Better economic reports, sales send stocks higher

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Associated Press

Posted on September 5, 2013 at 7:00 AM

Updated Thursday, Sep 5 at 7:03 AM

NEW YORK (AP) — Stocks are opening slightly higher on Wall Street after some positive news about the U.S. jobs market and higher sales from major store chains.

The Dow Jones industrial average was up 51 points, or 0.4 percent, at 14,983 after the first few minutes of trading Thursday.

The Standard & Poor's 500 index was up six points, or 0.4 percent, at 1,659. The Nasdaq composite was up 16 points, or 0.4 percent, at 3,664.

The number of Americans applying for unemployment benefits last week dropped to a five-year low. Also the payroll company ADP reported that private sector employment rose by 176,000 jobs last month.

Costco and Walgreen's reported stronger sales last month, beating analysts' forecasts.

The yield on the 10-year Treasury note rose to 2.94 percent.

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