Stocks Opened Lower as Oil Dipped

U.S. stocks opened lower on Thursday amid lower oil prices and fear-driven action in currency markets. The Dow Jones Industrial Average lately dropped 102.54 points, or 0.58%, to 17,613.51. The S&P 500 declined 11.02 points, or 0.53%, to 2,055.64. The Nasdaq Composite fell 31.84 points, or 0.65%, to 4,888.88.

Oil edged lower in choppy trade Thursday, as investors weighed an unexpected decline in U.S. crude inventories against growing doubts that major oil producers will agree to curb their output. Brent crude fell 23 cents, or 0.6%, to $39.61 a barrel. West Texas Intermediate futures were down 28 cents, or 0.7%, at $37.47 a barrel.

The number of Americans filing for unemployment benefits fell more than expected last week, suggesting the labor market continued to strengthen despite tepid economic growth. Initial claims for state unemployment benefits declined 9,000 to a seasonally adjusted 267,000 for the week ended April 2, the Labor Department said on Thursday.

JPMorgan Chase & Co (JPM.N) urged shareholders on Thursday to vote against appointing a committee to explore a break up of the bank, reiterating that splitting its businesses would not be in investors’ best interests.