Stocks Open Higher on Improved Unemployment Claims Report

September 24, 2009 at 10:00 AM EDT

The markets opened higher after 1st time unemployment claims for the week fell unexpectedly. While job growth remained elusive, investors were encouraged by the trend. Meanwhile, oil prices remained below $69 a barrel as U.S. crude inventories grew. The Dow gained 31 points to 9780 while Nasdaq added 2 points to 2133.

On the upside

Shares of Vical (Nasdaq: VICL) gained after the company reported promising results for its cancer vaccine.

Shares of Red Hat (NYSE: RHT) rose sharply after the Linux software distributor posted higher revenues and profits that beat estimates.

Texas Industries (NYSE: TXI) posted an unexpected quarterly profit. The company produces cement in Texas and California.

On the downside

Drugstore operator Rite Aid (NYSE: RAD) posted a smaller quarterly loss, but its outlook for the rest of the year remained weak.

Shares of Chelsea Therapeutics (Nasdaq: CHTP) tumbled after the company reported disappointing results for its drug candidate that treats dizziness.

Conexant Systems (Nasdaq: CNXT) offered 7 million shares . The company makes a number of semiconductor and networking devices.

In the broad market, declining issues outpaced advancers by a narrow margin on the NYSE, but were edged out by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 613.