Stocks Opened Higher, Oil Prices Rose

U.S. stocks opened with modest gains on Thursday, as speculation over China halting U.S. bond purchases eased and investors focused on quarterly earnings reports and rising oil prices. The Dow Jones Industrial Average lately rose 49.18 points, or 0.19%, to 25,418.31. The S&P 500 added 6.44 points, or 0.23%, to 2,754.67. The Nasdaq Composite gained 15.36 points, or 0.21%, to 7,168.93.

Oil prices hit a fresh three-year high on Thursday ahead of a U.S. decision on whether to extend temporary waivers on sanctions against Iran. West Texas Intermediate futures were trading up 39 cents, or 0.6%, at $63.96 a barrel. Brent crude rose 32 cents, or 0.5%, to $69.52 a barrel.

U.S. filings for unemployment benefits unexpectedly rose to a three-month high last week during a holiday period when claims tend to be volatile, Labor Department figures showed Thursday. Jobless claims increased by 11k to 261k (est. 245k), highest since week ended Sept. 23, when filings were elevated due to hurricanes.

U.S. wholesale prices fell 0.1 percent in December, led by cheaper food and lower shipping costs. The Labor Department said Thursday that wholesale prices, which measure the cost of goods before they reach the consumer, increased 2.6 percent last month compared with the previous year.