U.S. Stocks Open Higher on Strong Economic Data

U.S. stocks opened higher on Thursday, extending their winning streak to a sixth consecutive day. Investors are taking in fresh economic data, which reveals stronger-than-expected retail sales and a drop in initial jobless claims.

Positive Growth in Retail Sales

According to the Census Bureau, U.S. retail sales in November rose by 0.3%. This positive growth comes as a surprise, as economists polled by The Wall Street Journal had predicted a decline of 0.1%.

Decline in Jobless Claims

In the week ending December 9, initial jobless claims in the U.S. decreased by 19,000 to 202,000, according to the Department of Labor. This drop in jobless claims reflects a positive trend in the labor market.

Market Performance

At the time of writing, key stock indices were making gains. The Dow Jones Industrial Average (DJIA) was up 0.3% after the opening bell, while the S&P 500 and the Nasdaq Composite both climbed 0.5%, according to FactSet data.

Record High for Dow

On Wednesday, the Dow closed at a record high following the announcement by the Federal Reserve that it would maintain its benchmark interest rate. Additionally, the Fed stated its intention to potentially implement up to 75 basis points of rate cuts next year.

The positive economic data and investor optimism have contributed to the continued upward trajectory of U.S. stocks.