US: Stocks up but Oracle slumps on weak earnings

[NEW YORK] US stocks opened higher on Thursday as data showed modestly higher inflation and fewer jobless claims while shares of technology giant Oracle tanked on disappointing earnings.

Five minutes into trade, the Dow Jones Industrial Average stood at 18,049.35, up 113.61 points (0.63 per cent).

The broad-based S&P 500 rose 9.75 (0.46 per cent) to 2,110.19, while the tech-rich Nasdaq Composite Index gained 29.02 (0.57 per cent) to 5,093.90.

The gains followed a Wednesday Federal Reserve policy announcement and news conference widely seen as dovish on the plan to lift interest rates from near-zero levels.

Higher gasoline prices lifted the consumer price index by 0.4 per cent in May, while US jobless claims dropped 12,000 to 267,000 in the week ending June 13, data showed.

Software and networking giant Oracle fell 7.2 per cent as it reported net income for the quarter ending May 31 of 78 cents per share, nine cents below analyst expectations. The company said results were marred by the strong dollar.

AFP