Stocks Rise at Opening Bell on Upbeat Economic Reports & ECB

Stocks were higher at the opening bell after upbeat economic reports at home. Investors also welcomed the European Central Bank’s decision to hold its key interest rate at record lows as expected. Ahead of the big jobs data Friday, the U.S. Labor Department said the number of Americans filing for unemployment benefits dropped 10,000 to 278,000 last week. People still receiving jobless aid fell the week before by 39,000 to 2.35 million. The reading on U.S. productivity also came in better than expected. Productivity at non-farm business grew at 2% in the third quarter. But a mixed message from a report showing the number of planned layoffs by employers in this country spiked 70% in October. Challenger, Gray and Christmas says the retail sector led the job cuts. Qualcomm (QCOM) is down sharply after reporting its results and saying it sees trouble for China business. The chipmaker also said it’s facing regulatory investigations in the U.S. and Europe. Whole Foods (WFM) is also moving but to the upside after reporting its quarterly results. The upscale grocer posted earnings that beat expectations.