NEW YORK (AP) — Stocks are opening broadly higher after an unexpected drop in unemployment claims and signs of progress in Europe’s debt crisis. The gains came one day after the Dow Jones industrial average sank nearly 400 points.
Concerns about Europe eased slightly after Italy sold debt at borrowing rates that were more favorable than analysts expected. Greece named a new prime minister to lead an interim government.
Applications for unemployment benefits fell last week to their lowest level since mid-April. That is a sign the job market may be improving.
The Dow was up 135 points, or 1.2 percent, to 11,917 five minutes after the market opened Thursday. The S&P 500 rose 15, or 1.2 percent, to 1,244. The Nasdaq gained 30, or 1.1 percent, to 2,651.