Stocks Opened Higher after CPI Data

U.S. stocks opened higher on Thursday as a weaker-than-expected rise in U.S. consumer prices in April cooled inflation fears. The Dow Jones Industrial Average lately rose 49.12 points, or 0.20%, to 24,591.66. The S&P 500 added 7.23 points, or 0.27%, to 2,705.02. The Nasdaq Composite gained 16.00 points, or 0.22%, to 7,355.90.

Oil futures climbed to fresh 3 1/2-year highs on Thursday following, military action in Syria and the Arabian peninsula involving Iran or forces backed by the country. June West Texas Intermediate crude oil rose 50 cents, or 0.7%, to $71.64 a barrel. July Brent crude was up 58 cents, or 0.8%, to $77.78 a barrel.

U.S. consumer prices rose by less than forecast in April as costs for automobiles and airfares declined, reducing chances that inflation will run significantly above the Federal Reserve’s target in coming months. The consumer-price index advanced 0.2 percent from the prior month after a March decline of 0.1 percent, a Labor Department report showed on Thursday.

The rate of layoffs in the U.S. stuck near a 49-year low in early May, just more proof that an ultratight labor market shows no sign of softening. Initial jobless claims were unchanged at 211,000 in the week ended May 5, the government said Thursday.

French manufacturing group Alstom said on Thursday it had signed an agreement with General Electric to exit three joint ventures in return for a payment of 2.594 billion euros ($3.08 billion).