Stocks Opened Lower ahead of Key Jobs Report

U.S. stocks opened lower on Thursday, following better-than-expected data on weekly jobless claims, as investors awaited a closely watched employment report due Friday. The Dow Jones Industrial Average lately fell 91.97 points, or 0.50%, to 18,189.06. The S&P 500 slipped 6.32 points, or 0.29%, to 2,153.41. The Nasdaq Composite gave up 23.03 points, or 0.43%, to 5,292.99.

The number of Americans filing for unemployment benefits unexpectedly fell last week to near a 43-year low, an indication of firmness in the labor market which may support an interest rate increase by the U.S. Federal Reserve this year. Initial claims for state unemployment benefits declined 5,000 to a seasonally adjusted 249,000 for the week ended Oct. 1, the Labor Department said on Thursday.

Oil prices climbed Thursday, with U.S. crude passing $50 a barrel intraday for the first time since late June. West Texas Intermediate futures rose 0.8% to $50.24 a barrel, climbing above $50. Brent crude climbed 0.9% to $52.33 a barrel.

Wal-Mart Stores Inc (WMT.N) on Thursday tempered its profit forecast for the next two fiscal years due to investments in its online business, and the world’s largest retailer said store openings would slow.

Alnylam Pharmaceuticals Inc. (ALNY) said it was discontinuing development of its drug for a rare hereditary disease after 18 patient deaths in a clinical trial. The decision was prompted by reports that patients taking the revusiran drug in midstage trials had new or worsening complications of the disease, the company said.

Victoria’s Secret operator L Brands Inc. said comparable sales, including online, climbed a better-than- expected 3% in September as the apparel and beauty company was again helped by its Bath & Body Works brand.

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