Stocks Opened Flat; Oil Dropped Below $49

U.S. stocks opened little changed on Thursday, as crude oil tumbled on the day. The Dow Jones Industrial Average lately gained 10.86 points, or 0.05%, to 20,866.59. The S&P 500 was up 2.82 points, or 0.12%, to 2,365.80. The Nasdaq Composite added 5.25 points, or 0.09%, to 5,842.80.

Oil prices suddenly turned sharply lower in Thursday trade, pushing West Texas Intermediate crude below $49 for the first time this year and toward its lowest close since late November. The April contract slid $1.41, or 2.8%, to $48.88 a barrel. May Brent crude also erased gains, sliding $1.42, or 2.7%, to $51.69 a barrel.

Applications for U.S. jobless benefits rebounded last week from a 44-year low, returning to a range that still shows strength in the labor market. Jobless claims rose by 20,000 to 243,000 in the week ended March 4, a report from the Labor Department showed Thursday.

The European Central Bank (ECB) left its benchmark interest rate unchanged on Thursday and said it would continue with its generous asset-buying program, which marked the two-year anniversary of the introduction of quantitative easing (QE) in the euro zone.

Dutch paints and chemicals maker Akzo Nobel NV said Thursday it has rejected an unsolicited EUR20.9 billion ($22.1 billion) offer from U.S. peer PPG Industries Inc.