Stocks Opened Higher after Jobless Claims Data

U.S. stocks opened higher on Thursday after data showed applications for US jobless aid rose slightly but remained at low level. The Dow Jones Industrial Average lately advanced 23.71 points, or 0.12%, to 20,428.20. The S&P 500 climbed 3.26 points, or 0.14%, to 2,341.43. The Nasdaq Composite gained 17.55 points, or 0.30%, to 5,880.58.

New applications for U.S. jobless benefits rose slightly more than expected last week, but a drop in the number of Americans on unemployment rolls to a 17-year low suggested the labor market continues to tighten. Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 244,000 for the week ended April 15, the Labor Department said on Thursday.

Crude oil futures jumped on Thursday after OPEC kingpin Saudi Arabia said the cartel is likely to reach an agreement next month to extend its production cuts. Light, sweet crude futures for delivery in May rose 35 cents, or 0.7%, to $50.79 a barrel, while June Brent crude rose 41 cents, or 0.8%, to $53.34 a barrel.

KCG Holdings Inc. (KCG) agreed to be acquired by Virtu Financial Inc. (VIRT) in a deal valued at $1.4 billion. Under terms of the deal, Virtu will pay $20 for each KCG share outstanding, which is 13% above Wednesday’s closing price of $17.74.

Blackstone Group LP (BX) reported a first-quarter profit that nearly tripled, beating expectations. Net earnings rose to $461.8 million, or 69 cents a share, from $159.8 million, or 23 cents as share, in the same period a year ago. Total revenue doubled to $1.94 billion from $932.4 million.