Stocks Opened Higher after Jobs Data

U.S. stocks opened higher on Thursday, after a positive read on the labor market underlined an aspect of the economy that remains strong. The Dow Jones Industrial Average lately gained 11.30 points, or 0.05%, to 21,019.95. The S&P 500 added 4.56 points, or 0.19%, to 2,416.36. The Nasdaq Composite rose 16.75 points, or 0.27%, to 6,215.26.

Oil prices pared gains reached earlier in the session on Thursday, despite U.S. industry data showing a big drop in crude stocks last week. Brent crude oil was up 11 cents at $50.87 a barrel by 1134 GMT, while U.S. light crude had gained 24 cents to $48.56.

The U.S. labor market continues to beat expectations. In May, the U.S. private sector added 253,000 jobs, according to data from the ADP Research Institute.

The number of Americans who sought unemployment benefits in late May rose to a five-week high, likely reflecting the normal ebb and flow that occurs around a holiday. Initial jobless claims jumped by 13,000 to 248,000 in the seven days stretching from May 21 to May 27, the Labor Department said Thursday.

Ride-hailing giant Uber has reported another multimillion dollar loss even as its revenues grow. The San Francisco-based company said Thursday that its losses in the first quarter narrowed to $708 million from $991 million in the previous three-month period.