Wall Street set to open up as weekly jobless claims fall

Initial claims for state unemployment benefits slipped 1,000 to a seasonally adjusted 264,000 for the week ended May 9, while the 4-week unemployment average stayed near a 15-year low. It's not great, but it's not bad either," said David O'Malley, chief executive of Penn Mutual Asset Management, which oversees about $20 billion.