Stocks Opened Higher and Turned Negative

U.S. stocks open higher and turned negative on Thursday, ahead of the start of the annual gathering of central bankers at Jackson Hole, Wyoming. The Dow Jones Industrial Average lately fell 20.93 points, or 0.10%, to 21,791.16. The S&P 500 was down 2.92 points, or 0.12%, to 2,441.12. The Nasdaq Composite declined 9.52 points, or 0.15%, to 6,268.89.

Oil prices eased on Thursday, as investors remained cautious as to whether the glut in oil supplies was finally disappearing. Brent crude fell 14 cents, or 0.3%, to $52.43 a barrel. West Texas Intermediate futures were trading down 21 cents, 0.4%, at $48.20 a barrel.

The number of Americans filing for unemployment benefits rose less than expected last week, suggesting a further tightening in labor market conditions. Initial claims for state unemployment benefits increased 2,000 to a seasonally adjusted 234,000 for the week ended Aug. 19, the Labor Department said on Thursday.

U.S. teen apparel retailer Abercrombie & Fitch Co posted a much smaller than expected quarterly loss on Thursday. The company reported a 5 percent rise in comparable sales in the second quarter ended July 29. Abercrombie said total sales at established stores fell 1 percent. That result, too, topped analysts’ expectations.

U.S. retailer Sears Holdings Corp (SHLD.O) reported a quarterly loss on Thursday as fewer customers visited its stores and as the company offered more discounts amid intense industry competition. Sears said sales at stores open for at least a year fell 11.5 percent in the second quarter ended July 29. Total revenue fell 22 percent to $4.37 billion. It also announced plans to close 28 more Kmart stores this year.