Stocks Opened Higher after ECB Decision, Retail Sales Data

U.S. stocks opened modestly higher on Thursday, after strong retail sales data, as investors assessed the European Central Bank’s move to end its stimulus program and the Federal Reserve’s guidance on monetary policy. The Dow Jones Industrial Average lately rose 61.43 points, or 0.24%, to 25,262.63. The S&P 500 added 5.85 points, or 0.21%, to 2,781.48. The Nasdaq Composite gained 31.18 points, or 0.41%, to 7,726.88.

U.S. crude-oil futures on Thursday were on track to mark a fourth gain in a row as sentiment remained upbeat following a weekly inventory report on domestic supplies on Wednesday that showed the largest one-week drop since the end of March. July West Texas Intermediate crude rose 41 cents, or 0.6%, to $67.07 a barrel. August Brent crude was up 3 cents, or less than 0.1%, at $76.77 a barrel.

U.S. retail sales increased more than expected in May. The Commerce Department said retail sales jumped 0.8 percent last month, the biggest advance since November 2017. Retail sales have risen a solid 5.9% over the past 12 months.

Other data on Thursday showed a further tightening in labor market conditions, with first-time applications for unemployment benefits unexpectedly falling last week and the number of Americans on jobless rolls declining to a near 44-1/2-year low.

Etsy Inc on Thursday raised its full-year revenue growth forecast and increased its transaction fee for sellers. Etsy expects revenue growth of 32 percent to 34 percent in 2018, up from its previous forecast of 22 percent to 24 percent.