Stocks Opened Mixed and Turned Higher

U.S. stocks opened mixed and turned higher in the early trading on Thursday, as investors digested continued progress on tax legislation. The Dow Jones Industrial Average lately rose 34.37 points, or 0.14%, to 24,175.28. The S&P 500 was up 2.57 points, or 0.10%, to 2,631.84. The Nasdaq Composite gained 22.87 points, or 0.34%, to 6,799.24.

Oil prices ticked up slightly Thursday after closing at a three-week low Wednesday. Brent crude was up 0.6% at $61.56 a barrel. West Texas Intermediate futures were trading up 0.2% at $56.09 a barrel.

The number of Americans filing for unemployment benefits unexpectedly fell last week. Initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 236,000 for the week ended Dec. 2, the Labor Department said on Thursday.

General Electric Co. is planning to cut 12,000 jobs in its power business as the company’s new leaders look to slash costs and stabilize the beleaguered manufacturer. The reductions, accounting for about 18 percent of GE Power’s workforce, include both professional and production employees, the company said Thursday in a statement.