Stocks Opened Lower after Economic Data

U.S. stocks opened lower on Thursday, as a core inflation gauge hit a six-year high. The Dow Jones Industrial Average lately fell 56.72 points, or 0.22%, to 26,067.85. The S&P 500 was down 6.01 points, or 0.21%, to 2,908.03. The Nasdaq Composite dropped 17.62 points, or 0.22%, to 8,092.07.

Crude-oil prices extended a climb early Thursday as signs of dwindling U.S. crude supplies offered support to crude buyers. October West Texas Intermediate crude tacked on 25 cents, or 0.4%, to reach $69.26 a barrel. October Brent crude gained 30 cents, or 0.4%, at $77.76 a barrel.

U.S. consumer spending extended gains into July and inflation rose to a six-year high, reflecting economic strength that should keep Federal Reserve policy makers on track to keep gradually raising interest rates. Purchases rose 0.4 percent from the prior month for the second straight time, Commerce Department figures showed Thursday. Incomes advanced 0.3 percent. The Federal Reserve’s preferred measure of inflation ticked up to a 2.3 percent annual gain.