Stocks Opened Slightly Higher after Dow Broke 20K

U.S. stocks opened slightly higher on Thursday, as investors sifted through another heavy round of earnings. The Dow Jones Industrial Average lately added 11.90 points or 0.06%, to 20,080.41. The S&P 500 was up 1.26 points, or 0.05%, to 2,299.63. The Nasdaq Composite gained 7.69 points, or 0.14%, to 5,664.03.

Oil futures rose Thursday, rebounding from losses during the overnight session, as traders shrugged off another big jump in U.S. oil inventories. Light, sweet crude for March delivery rose 44 cents, or 0.8%, to $53.19 a barrel. Brent crude for March delivery added 48 cents, or 0.9%, to $55.56/barrel.

Fiat Chrysler Automobiles NV on Thursday said fourth-quarter net profit doubled from a year earlier and gave a rosy outlook for 2017. Net profit rose to EUR409 million ($438.74 million) in the three months to end-December from EUR196 million in the same period in 2015. The company forecast 2017 revenue of at least EUR115 billion and adjusted operating profit of at least EUR7 billion.

The number of Americans filing for unemployment benefits rose more than expected last week, but the underlying trend remained consistent with tightening labor market conditions. Initial claims for state unemployment benefits increased 22,000 to a seasonally adjusted 259,000 for the week ended Jan. 21, the Labor Department said.