Stock market opens higher on healthier China trade

AP News
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Posted: Aug 08, 2013 9:50 AM
Stock market opens higher on healthier China trade

NEW YORK (AP) — The stock market is opening higher after a drop in jobless claims and new evidence that China's economy may be stabilizing.

The Dow Jones industrial average rose 80 points, or 0.5 percent, to 15,551 shortly after the U.S. stock market opened Thursday. The Standard & Poor's 500 index rose eight points, or 0.5 percent, to 1,699. The Nasdaq added 17 points, or 0.5 percent, to 3,670.

The Nasdaq took off after electric carmaker Tesla said late Wednesday that it topped Wall Street expectations for its most recent quarter.

The number of Americans applying for unemployment benefits over the past month has fallen to its lowest level in almost six years, signaling fewer layoffs.

China's trade rebounded in July, signaling the end of a six-month slowdown for the world's second-largest economy.