Stocks Opened Higher after Durable Goods Data

U.S. stocks opened slightly higher on Thursday, as strong U.S. durable goods orders offered hope for manufacturing. The Dow Jones Industrial Average lately gained 27.95 points, or 0.17%, to 16,512.94. The S&P 500 added 2.02 points, or 0.10%, to 1,931.82. The Nasdaq Composite was down 4.67 points, or 0.10%, to 4,537.94.

New orders for long-lasting U.S. manufactured goods in January rose by the most in 10 months as demand picked up across the board, offering a ray of hope for the downtrodden manufacturing sector.The Commerce Department said orders for durable goods, items ranging from toasters to aircraft meant to last three years or more, surged 4.9 percent last month, reversing December’s 4.6 percent plunge.

The number of Americans filing for unemployment benefits rose last week, but remained below levels consistent with a tightening labour market. Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 272,000 for the week ended Feb. 20, the Labour Department said on Thursday.

Oil futures remained lower Thursday, a day after data showed U.S. crude inventories rose further, underscoring the extent of the oversupply that has dogged the market for nearly two years. Brent crude were 25 cents, or 0.7%, to $34.16 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were 22 cents, or 0.7%, at $31.93.

LendingTree Inc.(TREE) beat profit and revenue estimates for the fourth quarter and offered upbeat guidance. The online lender said it had net income of $32.1 million, or $2.47 a share, in the fourth quarter, up from $15.6 million, or 18 cents a share, in the year-earlier period.

Best Buy Co. said profit in its latest quarter slid after the electronics retailer saw sharp drops in demand for mobile phones and tablets offset growth in sales of lower-margin wearable devices. The company projects 31 cents to 35 cents in adjusted earnings per share.

Kohl’s Corp. (KSS) said it had net income of $296 million, or $1.58 per share, for the the fourth quarter, down from $369 million, or $1.83 for the same period last year.