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US stocks open higher, sending S&P 500 above its record high close; Hormel gains on earnings

NEW YORK, N.Y. - U.S. stocks are opening higher, pushing the Standard & Poor's 500 index closer toward another record high.

Traders were encouraged by the latest encouraging sign in the U.S. job market, a decline last week in the number of people applying for unemployment benefits.

The S&P 500 rose two points, or 0.1 per cent, to 1,988 as of 9:36 a.m. Eastern time Thursday.

The Dow Jones industrial average gained 29 points, or 0.2 per cent, to 17,008. The Nasdaq composite rose three points, or 0.1 per cent, to 4,528.

Hormel Foods rose 4 per cent. The maker of Spam, Dinty Moore stew and other products reported higher profits in its latest quarter.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.42 per cent.

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