Stocks Struggle to Push Higher in Early Trading

U.S. stocks were struggling to push higher in early trade on Thursday, after European Central Bank President Mario Draghi hinted at more monetary stimulus. The Dow industrials lately fell 8.49 points, or 0.05%, to 15,758.25. The S&P 500 was down 3.10 points, or 0.17%, to 1,856.23. The Nasdaq Composite drooped 17.09 points, or 0.38%, to 4,454.60.

The number of applications for unemployment benefits unexpectedly increased last week to a six-month high, indicating tempered progress in the labor market. Initial jobless claims climbed by 10,000 to 293,000 in the week ended Jan. 16, a report from the Labor Department showed on Thursday.

Mario Draghi let rattled investors know Thursday that the European Central Bank is ready to take action if plunging oil prices and weaker growth in China hurt the economy. The chief monetary authority for the 19 countries that use the euro currency left its key interest rates untouched and didn’t ramp up its existing 1.5 trillion-euro ($1.63 trillion) monetary stimulus program.

The extent of the oil price plunge has been an “absolute shocker,” but the world’s economic picture otherwise still looks pretty good, Morgan Stanley (MS) Chairman and CEO James Gorman said Thursday.

General Motors Co. said Thursday that it sold 9.8 million vehicles in 2015, notching a modest annual increase amid strong conditions in its home market and continued growth in China. North American deliveries rose 6% to 3.6 million cars, trucks and crossovers, and it also delivered 3.6 million vehicles in China, an increase of 5% from 2014.

Southwest Airlines Co. reported it nearly tripled its profit in the final quarter of the year as the company continues to soar on cheap fuel and the modernization of its fleet. The company posted a profit of $536 million, or 82 cents a share, up from $190 million or 28 cents a share a year earlier. Revenue climbed 7.5% to $4.98 billion.