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Stocks open higher after inflation rise, fall in jobless claims

U.S. stocks opened slightly higher Thursday as investors assessed a hotter-than-expected rise in inflation and a further decline in first-time jobless claims. The Dow Jones Industrial Average rose 245 points, or 0.6%, to 34,692, while the S&P 500 rose 0.5% to 4,241.20, trading above its record close from May 7. The Nasdaq Composite was up 0.4% at 13,970. Inflation data showed the cost of living surged again in May and drove the pace of inflation to a 13-year high of 5%. Meanwhile, initial applications for unemployment benefits fell by 9,000 to 376,000 in the week ended June 5, the lowest since March 2020.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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