Stocks Struggled despite Upbeat Jobs Data

U.S. stocks struggled in the early trading on Thursday, despite the data showed jobless claims unexpectedly decreased to the lowest level since 1973. The Dow Jones Industrial Average lately shed 34.04 points, or 0.19%, to 18,062.23. The S&P 500 was down 5.45 points, or 0.26%, to 2,096.95. The Nasdaq Composite fell 11.11 points, or 0.22%, to 4,937.02.

The number of Americans seeking unemployment benefits fell to a four-decade low last week, a sign that employers are unconcerned about weak economic growth in the first three months of 2016. Weekly applications for jobless benefits declined to a seasonally adjusted 247,000, the lowest reading since November 1973, the Labor Department said Thursday.

General Motors’ first quarter net profit more than doubled as all of its business units posted improved numbers including record pretax earnings in North America. The Detroit automaker earned $1.95 billion, or $1.24 per share.

Under Armour Inc. again posted double-digit revenue and profit gains in its latest quarter as Stephen Curry’s basketball shoe line continues to power its footwear business. For the quarter, the company posted a profit of $19.2 million, or four cents a share, up from $11.7 million, or three cents a share, a year earlier. Revenue climbed 30% to $1.05 billion.

Southwest Airlines notched a record first-quarter profit of $511 million, and said solid bookings have continued into April. The company said it earned 88 cents per share.

Crude prices firmed on Thursday after the International Energy Agency (IEA) said non-OPEC production would fall this year by the most in a generation. Benchmark Brent crude futures were up 12 cents at $45.92 a barrel by 1204 GMT. U.S. crude futures were 4 cents higher at $44.22.

The European Central Bank left interest rates unchanged as expected on Thursday, holding them at record lows as it prints money to lift the economy and raise inflation.