US open: Markets edge higher as unemployment claims remain under 300,000

US stocks moved slightly forward on Thursday, as the number of weekly jobless claims remained under 300,000 for the ninth consecutive week.

Just before 10:00 in New York, the Dow Jones Industrial Average was 27.10 points up at 17,640.59, the S&P 500 rose 3.97 points to 2,042.220, while the Nasdaq was 8.84 points up at 4,204.283.

The number of people who applied for unemployment benefits in the week ended 8 November rose by 12,000, the biggest increase in two months, to a seasonally adjusted 290,000.

Analysts had expected claims to rise to 280,000 from 278,000 and even though the current figure exceeded estimates, it marked the ninth consecutive week since jobless claims rose above the 300,000 threshold.

Meanwhile, the four-week average of new claims climbed by 6,000 to 285,000 in October.

In corporate news, Berkshire and Hathaway advanced slightly after announcing it had agreed to buy the Duracell battery business from Procter & Gamble Co. for $4.7bn in stock.

Wal-Mart, the largest retailer in the world, rose after third-quarter results beat analysts’ forecasts. Earnings per share (EPS) only rose to $1.15 from $1.14, but came in ahead of the $1.12 estimate.

The group also said that US same-store sales increased 0.5%, the first time growth was recorded in the domestic market in around two years.

Department-store chain Kohl’s dropped after third-quarter EPS fell to 70 cents from 81 cents the year before, missing the 74 cents estimate, while JC Penney slumped after third-quarter results released late Wednesday disappointed.

Dreamworks Animation soared after reports emerged linking Hasbro with a possible takeover of the firm.

The dollar rose against the pound and the yen but fell against the euro, while gold futures advanced to $1.163.20.

The yield on the 10-year US Treasury note fell one basis point to 2.36%, while the yield on the 30-year note dropped two basis points to 3.09% and the yield on the five-year Treasuries shed two points to 1.63%.

The price of Brent crude dropped to a four-year low amid speculations the Organization of Petroleum Exporting Countries won’t cut output and energy stocks dragged European markets lower.

Both Brent crude and West Texas intermediate crude lost over one percentage point and were trading just over $79 and just over $76 respectively.