Stocks Opened Modestly Higher

U.S. stocks opened modestly higher on Thursday, as positive corporate earnings and data boosted positive sentiment. The Dow Jones Industrial Average lately fell 3.57 points, or 0.02%, to 21,637.18. The S&P 500 added 2.75 points, or 0.11%, to 2,476.58. The Nasdaq Composite gained 7.27 points, or 0.11%, to 6,392.31.

Crude futures paused Thursday, though the larger-than-expected decline in U.S. crude inventories last week reinforced a view that global markets are rebalancing. The August contract for West Texas Intermediate crude was recently down 5 cents at $47.12 a barrel. September Brent eased 4 cents to $49.66.

The number of Americans who applied for unemployment benefits sank in mid-July and hovered near a 44-year low, reflecting the healthiest jobs market in more than a decade. Initial jobless claims in the period running from July 9 to July 15 fell by 15,000 to a seasonally adjusted 233,000, the Labor Department said Thursday.

Manufacturers reported solid, but slowing, growth in July, according to data released Thursday. The Philadelphia Federal Reserve said its manufacturing survey in July fell to 19.5 from 27.6 in June.

Carrier Corp. is beginning job cuts at the Indianapolis factory that became a rallying cry for President Donald Trump because of the company’s plans to shift work to Mexico. A total of 600 jobs will be eliminated during the next few months, the unit of United Technologies Corp. said.