Stocks Opened Lower on Yellen Rate Comments

U.S. stocks opened slightly lower on Thursday as investors continued to digest comments from Federal Reserve Chair Janet Yellen, who raised the specter of an earlier-than-expected rate hike.  The Dow Jones Industrial Average lately dropped 30.12 points, or 0.19%, to 16,192.05. The S&P 500 was down 4.65 points, or 0.25%, at 1,856.12. The Nasdaq Composite fell 14.38 points, or 0.33%, at 4,293.23.

Applications for U.S. unemployment benefits rose in the second week of March but remained near the lowest level since the end of the recession almost five years ago, according to the latest government figures. Initial jobless claims climbed by 5,000 to a seasonally adjusted 320,000 in the period of March 9 to March 15, the Labor Department said Thursday.
Walmart plans to make a pointed, aggressive play for outdoor and garden business this spring for the first time, offering “Black Friday- like prices” on more than 60 items, including a Kingsford Charcoal Grill for $88, bags of mulch for $1.97 each and a seven-piece patio furniture set for $298 — a discount of $100.

European policymakers agreed on Thursday to complete a banking union with an agency to shut failing euro zone banks, but there will be no joint backstop for a fund to pay the costs of closures.