Stocks Opened Flat ahead of Trump-Xi Meeting

U.S. stocks opened flat on Thursday ahead of Trump-Xi meeting. The Dow Jones Industrial Average lately rose 25.12 points, or 0.12%, to 20,673.27. The S&P 500 was up 3.58 points, or 0.15%, to 2,356.53. The Nasdaq Composite gained 11.38 points, or 0.19%, to 5,875.85.

The number of Americans who applied for unemployment benefits last week sank by 25,000 to 234,000, marking the second-lowest level of the current economic expansion and reflecting a tight labor market in which firms say it’s hard to find good help.

Federal Reserve Bank of San Francisco President John Williams said it may take the U.S. central bank around five years to shrink its balance sheet to a more normal size once that process gets underway.

Another downturn in risk sentiment had crude futures slipping Thursday. Light, sweet crude futures for delivery in May were recently down 30 cents, or 0.5%, at $50.85 a barrel. June Brent crude dropped 28 cents, or 0.5%, to $54.07.

Amazon announced Thursday it plans to add 30,000 part-time positions in the U.S. over the next year, part of a massive hiring binge by the online retailing giant.