US stocks edge higher after sell-off as jobless claims fall to lowest level in 52 years

A hiring sign is displayed at a retail store in Buffalo Grove, Ill., Thursday, Feb. 10, 2022.

Nam Y. Huh/AP Photo

• US stocks rose on Thursday after weekly jobless claims fell to their lowest level in 52 years.
• Jobless claims fell to 187,000 last week, down to the lowest level since September of 1969.
• The strong claims data bested economist estimates and underscores a healthy job market.

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US stocks moved higher on Thursday, recovering from Wednesday's sell-off after weekly jobless claims fell to their lowest level in 52 years.

Jobless claims fell to 187,000 last week, down 28,000 from the previous week and ahead of economist's estimates of 210,000. The jobless claims data represented the lowest level since September of 1969, and highlights the underlying strength of a job market that is still recovering from the COVID-19 pandemic.

The jump in stocks also comes as President Joe Biden travels to Europe to meet with other Western countries regarding the ongoing invasion of Ukraine by Russia.

Here's where US indexes stood shortly after the 9:30 a.m. ET open on Thursday:

• S&P 500: 4,470.97, up 0.33%
• Dow Jones Industrial Average: 34,390.46, up 0.09% (31.96 points)
• Nasdaq Composite: 13,978.73, up 0.4%

Russia partially reopened its stock market on Thursday for the first time in a month. The country allowed shortened trading in 33 of its 50 stocks, banned short-selling, and blocked foreigners from selling their stocks. The Moscow Exchange surged as much as 12% before finishing the day up 4%.

BlackRock CEO Larry Fink believes the ongoing Russia-Ukraine conflict could help boost digital currencies after sanctions against Russia crippled their economy. "The war will prompt countries to re-evaluate their currency dependencies," Fink said. 

Nikola stock soared as much as 19% after the company said it began production of its electric semi-truck. The company said it plans to build between 300 and 500 trucks this year.

West Texas Intermediate crude oil fell as much as much as 0.64% to $114.20 per barrel. Brent crude, oil's international benchmark, dropped as much as 0.37% to $121.15.

Bitcoin rose 0.15% to $42,817. Ether prices fell 0.14% to $3,015.

Gold rose as much as 0.59% to $1,948.80 per ounce. The yield on the 10-year Treasury added 7 basis points to 2.36%.

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