Stocks Opened Higher after Upbeat Data

U.S. stocks opened slightly higher on Thursday after data showed the U.S. trade deficit narrowed and the number of Americans filing for unemployment benefits fell more than expected last week. The Dow Jones Industrial Average lately rose 19.43 points, or 0.09%, to 22,681.07. The S&P 500 advanced 5.13 points, or 0.20%, to 2,542.87. The Nasdaq Composite gained 25.77 points, or 0.39%, to 6,560.40.

Oil prices stabilized Thursday, with rising production and exports from the U.S. knocking investor confidence over how quickly supply cuts elsewhere could reduce the global glut. Brent crude rose 38 cents, or 0.7%,to $56.18 a barrel. West Texas Intermediate futures were trading up 9 cents, or 0.2%, to $50.07 a barrel.

The Commerce Department said on Thursday the trade gap declined 2.7 percent to $42.4 billion, suggesting that trade could help soften the blow on the economy from hurricanes Harvey and Irma.

The number of Americans filing for unemployment benefits fell more than expected last week, Initial claims for state unemployment benefits dropped 12,000 to a seasonally adjusted 260,000 for the week ended Sept. 30, the Labor Department said on Thursday.