Stocks Opened Lower after Economic News

U.S. stocks open mostly lower on Wednesday, struggling to extend climb in record territory, as investors digested some better-than-expected economic news. The Dow Jones Industrial Average lately shed 6.68 points, or 0.04%, to 19,017.19. The S&P 500 was down 7.11 points, or 0.32%, to 2,195.83. The Nasdaq Composite fell 30.93 points, or 0.57%, to 5,355.42.

The number of Americans who applied for unemployment benefits in mid-November leaped by 18,000 to 251,000, but the increase comes just one week after initial claims fell to 43-year low in a reflection of a sharply improved labor market.

Orders for long-lasting goods made in the U.S. soared 4.8% in October largely because of stronger demand for commercial aircraft, but business investment is still not showing much spark.

Oil prices edged lower on Wednesday on investors’ doubts that OPEC would agree a large enough production cut to significantly reduce the global surplus when it meets next week. International Brent crude futures were down 6 cents at $49.06 a barrel by 1313 GMT. U.S. West Texas Intermediate (WTI) crude oil futures fell 12 cents to $47.91 a barrel.