Stocks Opened Lower After Economic Data

U.S. stocks opened lower on Thursday, as investors weighed mixed economic data. The Dow industrials lately declined 34.34 points, or 0.19%, to 18,078.27. The S&P 500 fell 4.84 points, or 0.23%, to 2,101.79. The Nasdaq Composite slipped 2.84 points, or 0.06%, to 5,008.18.

Fewer than 300,000 American workers filed applications for unemployment benefits for the sixth consecutive week, pointing to labor-market strength even as hiring cooled last month. While a Labor Department report in Washington Thursday showed jobless claims increased by 12,000 to 294,000 in the week ended April 11, readings this low are typically consistent with an improving job market.

The pace of home construction rebounded slightly last month after being snowed out in February, according to government data released Thursday. Construction started on new U.S. homes rose 2% in March, with the annual rate hitting 926,000, following a sizable February drop.

Citigroup Inc., the third-largest U.S. bank, boosted profit more than analysts estimated after a cost-cutting push helped it weather a slump in trading. First-quarter net income jumped 21 percent to $4.77 billion, or $1.51 a share, the firm said Thursday.

UnitedHealth Group Inc. on Thursday reported a 29% increase in March quarter earnings and raised its full-year guidance. For the period ended March 31, UnitedHealth posted earnings of $1.41 billion, or $1.46 a share, up from $1.1 billion, or $1.10 a share, a year earlier. Revenue improved 13% to $35.76 billion.