Market Opens Higher Following Series of Economic Data

The U.S. equity market has opened higher following a series of economic data.. The economic data released earlier today shows that the U.S. economy is making a slow but steady progress. However, the data has boosted equity market in the early trading, with all 12 sectors currently trading higher.

The series of economic data released earlier today includes a Labor Department report on initial jobless claims for the week ended November 20, which has been released a day earlier. According to Labor Department report, initial jobless claims for the week ended November 20 fell more than forecast to the lowest level since July 2008. The Labor Department report showed that jobless claims fell 34,000 to 407,000 for the week ended November 20.

Meanwhile, a report from the Commerce Department showed that the consumer spending rose in the month of October. According to the figures released by the Commerce Department, consumer spending rose 0.4% in the month of October, making it the fourth consecutive month in which spending rose. However, the rise in consumer spending was below economists’ forecast of an increase of 0.5%.

The positive economic data has boosted the equity market, with all three major indexes opening higher. The Dow Jones opened higher at 11,037.35, the S&P 500 opened higher at 1,183.70 and the Nasdaq opened higher at 2,519.89.

Among the gainers in early trading today has been Guess? Inc. (NYSE: GES). Shares of Guess are trading 7.12% higher currently, after the Los Angeles, California-based company reported its third-quarter financial results.