Stocks Opened Higher as Trade War Fears Eased

U.S. stocks opened higher on Thursday as fears of a global trade war ebbed following signs that President Donald Trump’s proposed hefty import tariffs on steel and aluminum could exclude key trading partners. The Dow Jones Industrial Average lately rose 117.73 points, or 0.47%, to 24,919.09. The S&P 500 gained 8.39 points, or 0.31%, to 2,735.19. The Nasdaq Composite added 27.85 points, or 0.38%, to 7,424.50.

Oil prices steadied on Thursday, on the heels of a 2% plunge that came after data showed U.S. oil production hit a new weekly record. April West Texas Intermediate crude rose 2 cents to $61.17 a barrel. May Brent crude was down 8 cents to $64.26 a barrel.

The number of Americans filing for unemployment benefits rebounded last week from a more than 48-year low, but the trend continued to point to robust labor market conditions. Initial claims for state unemployment benefits increased 21,000 to a seasonally adjusted 231,000 for the week ended March 3, the Labor Department said.
The European Central Bank dropped a long-standing pledge on Thursday to increase its bond buying if needed, taking another small step in weaning the euro zone economy off its protracted stimulus.

U.S. health insurer Cigna Corp (CI.N) said on Thursday it would buy pharmacy benefits manager Express Scripts Holding Co (ESRX.O) for about $54 billion, a tie-up that reflects pressure on healthcare companies to grow bigger to cut costs.