US stocks open higher, but are heading for monthly losses


US stocks rose in early trading Thursday, after the release of economic data, but they are heading towards recording monthly losses.

The latest reading of US GDP revealed that the economy grew 6.7% in the second quarter, better than the first reading of 6.6%, amid a 12% increase in consumer spending.

On the other hand, jobless claims increased for the third consecutive week at 351K.

Separately, the US House of Representatives passed a bill suspending the federal debt ceiling, amid expectations that Senate Republicans would block this plan.

In terms of trading, the “Dow Jones” industrial index rose 0.3%, or 94 points, at 34,485 points, at the beginning of trading, while the broader “S&P 500” rose 0.5%, or 20 points, to 4,379 points, and “Nasdaq” increased 0.7%. Or about 107 points at 14,620 points.


The article was written in Al Borsa newspaper, US stocks open higher, but are heading to record monthly losses.