Drop In Jobless Claims Lifts Markets To Higher Open

Applications for unemployment benefits dropped last week to a five year low to lift the markets to a higher open with the Dow climbing 72 points to 14,773. Nasdaq gained 25 points to 3324.

On the upside

Yelp (NYSE: YELP) narrowed first quarter losses as revenue rose to top estimates and the online review site forecast current quarter revenue ahead of expectations.

MGM Resorts (NYSE: MGM) swung to an unexpected profit for the first quarter as Macau profits continued rising.

Generac Holdings (NYSE: GNRC) reported sharply higher first quarter earnings as revenue climbed.

On the downside

AU Optronics (NYSE: AUO) announced a follow-on public offering of 74 million American Depositary Shares.

Halcon Resources (NYSE: HK) reversed year ago losses to post a profit for the first quarter but the results missed expectations.

NII Holdings (Nasdaq: NIHD) fell to a loss for the first quarter as revenue fell.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on both the NYSE and on Nasdaq. The broader S&P 500 index gained 9 points to 1592.

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