Stocks Open Lower amid Oil Slide

U.S. stocks opened lower on Thursday as investors remained cautious in the wake of a renewed oil slump and uncertainty around the Greece debt negotiations. The Dow Jones Industrial Average lately fell 91.75 points, or 0.51%, to 17,938.10. The S&P 500 lost 6.56 points, or 0.31%, to 2,093.12. The Nasdaq Composite was up 4.50 poins, or 0.09%, to 4,910.87.

Oil prices tumbled on Thursday after another big weekly build in U.S. crude inventories. At 0843 GMT, benchmark Brent crude futures for April were down $1.67 at $58.86 a barrel, extending declines from Tuesday’s two-month high of $63.

Germany rebuffed Greece’s request for an extension of its aid program, saying the Greek offer doesn’t meet the euro region’s conditions for continuing aid.

Members of the European Central Bank’s Governing Council were unanimous in their belief that government bond purchases were a legitimate tool of monetary policy, even if some thought the time to take that step had not yet arrived.

Fewer Americans than forecast filed applications for unemployment benefits last week, showing the labor market is making progress. Jobless claims fell by 21,000 to 283,000 in the week ended Feb. 14, from 304,000 in the prior period, a Labor Department report showed Thursday in Washington.

Wal-Mart Stores is giving its employees a raise. The retailer is arguing this will be a long term positive for the company but is forecasting a hit to earnings in the short term. Thursday Wal-Mart reported $131.6 billion in fourth quarter revenue, up 1.4% from the same period a year earlier but short of Wall Street analysts’ consensus estimate.