Stocks Opened Higher despite Fed Rate-hike Concerns

U.S. stocks opened higher on Thursday as investors shook off the hawkishly interpreted minutes from the Federal Reserve’s most recent gathering. The Dow Jones Industrial Average lately rose 97.78 points, or 0.39%, to 24,895.56. The S&P 500 gained 11.10 points, or 0.41%, to 2,712.43. The Nasdaq Composite added 31.32 points, or 0.43%, to 7,249.55.

Oil prices moved firmly lower on Thursday, getting pressured by a rise in the dollar. West Texas Intermediate crude oil for April slumped 52 cents, or 0.9% to $61.16 a barrel, adding to a 0.2% loss from Wednesday. Brent oil dropped 47 cents, or 0.7%, to $64.96 a barrel.

Central bankers need to be careful not to increase interest rates too quickly this year because that could have a restrictive effect on the economy, St. Louis Federal Reserve President James Bullard told CNBC on Thursday.

The number of Americans filing for unemployment benefits fell to a near 45-year low last week, pointing to strong job growth in February, which should continue to underpin the economy. Initial claims for state unemployment benefits dropped 7,000 to a seasonally adjusted 222,000 for the week ended Feb. 17, the Labor Department said on Thursday.

Pandora Media Inc reported fourth-quarter revenue on Wednesday that topped Wall Street estimates as the internet radio company added more subscribers to its platform. Pandora said total subscription revenue jumped 63.2 percent to $97.7 million, beating the average analyst estimate of $94.1 million.

Roku Inc. projected first-quarter revenue that will fall short of analyst estimates. Sales will be $120 million to $130 million in the current period, the Los Gatos, California-based company said Wednesday in a statement.