Stocks Opened Lower; Oil, Data Eyed

U.S. stocks opened lower on Thursday, as oil prices also slumped for a third day in a holiday-shortened week. The Dow industrials lately slid 79.51 points, or 0.45%, to 17,423.08. The S&P 500 shed 11.07 points, or 0.54%, to 2,025.64. The Nasdaq Composite lost 21.92 points, or 0.46%, to 4,746.94.

Oil fell below $40 a barrel on Thursday, dented by record-high stockpiles in the United States and a stronger dollar. Brent crude futures were down 85 cents at $39.62 a barrel by 1130 GMT. U.S. crude futures were down 84 cents at $38.95 a barrel.

The number of Americans who applied for unemployment benefits in the mid-March was little changed at 265,000, reflecting the low level of layoffs taking place across the economy. The average of new claims over the past four weeks edged up by 250 to 259,750, the Labor Department said Thursday.

New orders for long-lasting U.S. manufactured goods fell in February as the sector continues to struggle with the lingering effects of a robust dollar and lower oil prices. The Commerce Department said orders for durable goods declined 2.8 percent last month after a downwardly revised 4.2 percent increase in January.