Stocks Opened Modestly Higher amid Oil Rallied

U.S. stocks opened modestly higher on Thursday, extending the market’s move into record territory. The Dow Jones Industrial Average lately rose 29.02 points, or 0.14%, to 20,804.62. The S&P 500 added 2.72 points, or 0.12%, to 2,365.54. The Nasdaq Composite was down 11.74 points, or 0.20%, to 5,848.88.

Oil prices rose more than $1 a barrel on Thursday after U.S. data showed a surprise decline in inventories, suggesting that a global glut may be ending after moves by OPEC to cut production. Benchmark Brent crude oil jumped $1.08 a barrel to $56.92 before easing back to $56.85 by 1315 GMT. U.S. light crude hit a high of $54.64, up $1.05 a barrel.

The number of Americans filing for unemployment benefits rose slightly more than expected last week, but the four-week average of claims fell to its lowest level since 1973, pointing to strengthening labor market conditions. Initial claims for state unemployment benefits increased 6,000 to a seasonally adjusted 244,000 for the week ended Feb. 18, the Labor Department said on Thursday.

Kohl’s Corp. on Thursday reported a drop in fiscal fourth-quarter profit as sales declined, but the performance still topped Wall Street’s expectations and the retailer raised its quarterly dividend. The company saw profit fall 15 percent to $252 million, or $1.44 per share, while revenue dropped 2.8 percent to $6.21 billion. For the year, Kohl’s reported a profit of $556 million, or $3.11 per share, on revenue of $18.69 billion.