Stocks Opened Little Changed after Economic Data

U.S. stocks opened little changed on Thursday after fresh economic data offered a mixed picture of the U.S. economy. The Dow Jones Industrial Average lately fell 23.83 points, or 0.14%, to 17,301.93. The S&P 500 shed 3.74 points, or 0.18%, to 2,023.48. The Nasdaq Composite was down 17.92 points, or 0.38%, to 4,746.06.

The number of Americans filing for unemployment benefits rose from a five-month low last week, but remained below a level associated with a strengthening labor market. Initial claims for state unemployment benefits increased 7,000 to a seasonally adjusted 265,000 for the week ended March 12, the Labor Department said on Thursday.

The deficit in the broadest measure of U.S. trade declined slightly in the final three months of 2015, but for the entire year the deficit jumped to the highest level in seven years.The deficit in the current account narrowed to $125.3 billion in the fourth quarter, down 3.6 percent from a deficit of $129.9 billion in the third quarter, the Commerce Department reported Thursday. The deficit for the entire year rose to $484.1 billion, up 24.3 percent from a 2014 imbalance of $389.5 billion.

Oil rose towards $41 a barrel on Thursday, trading close to a 2016 high. Brent crude was up 51 cents at $40.84 a barrel by 1119 GMT. U.S. crude was up 62 cents at $39.08 a barrel.

Caterpillar Inc. (CAT) on Thursday warned that first-quarter sales and earnings will come in below expectations set by Wall Street analysts. The heavy-equipment supplier in a regulatory filing said first-quarter sales would come in between $9.3 billion and $9.4 billion.