Commodities rallied and stocks in New York opened to the upside Thursday as initial jobless claims data offered no new negatives, while Fed fever from Wednesday carried over.

The Dow Jones Industrial Average was rising 43 points to 7529, while the S&P 500 was adding 6 points at 800. The Nasdaq was also rising, higher by 13, to 1504.

Initial jobless claims continue to show staggering numbers of people are losing jobs and filing for unemployment, but the numbers did fall slightly to 646,000 in the week ended March 19, from 658,000 a week prior, and were slightly fewer than expected.

A bit of Fed action pushed stocks higher on Wednesday, as the FOMC said it would extend its quantitative easing efforts, buying longer-dated Treasuries and more mortgage-backed securities, in addition to possibly expanding the Term Asset-Backed Securities Loan Facility (TALF) to include other financial assets.

That news sent bond prices higher and yields plummeting. On Thursday, the 10-year note was adding 4-02/32 to yield 2.5%, and the 30-year was rising 5-05.5/32, yielding 3.5%.

Looking at commodities, oil was rising $3.25 to $51.39 a barrel, while gold fell $59.30 to $948.40.

Citigroup ( C) said Thursday it plans to file a proxy statement with the Securities and Exchange Commission for approval to increase its number of authorized common shares and to amend its charter to allow for a reverse stock split of its common stock.

In other corporate news, Fed Ex ( FDX) missed estimates with its third-quarter results, and said it will cut back spending by $1 billion a year.

Stocks in Europe were largely higher, while stocks in Asia were mixed. The FTSE in London and DAX in Frankfurt were rising 2.2% and 2.9%, respectively. In Asia, Hong Kong's Hang Seng added 0.1%, but Japan's Nikkei edged lower by 0.3%.