Stocks Fell at Open after Jobless Claims Report

U.S. stocks fell at open on Thursday after a report on new weekly jobless claims showed a greater than expected individuals filed for initial unemployment insurance last week. The Dow Jones Industrial Average lately fell 327.51 points, or 1.33%, to 24,306.35. The S&P 500 slipped 28.46 points, or 0.97%, to 2,911.05. The Nasdaq Composite declined 23.23 points, or 0.26%, to 8,891.48.

Oil futures extended gains Thursday, with traders attributing some of the recent advance to signs that storage space for crude won’t run out as quickly as feared. West Texas Intermediate crude for June delivery rose $2.45, or 16.2%, at $17.50 a barrel. June Brent crude added $2.21, or 9.1%, at $26.44 a barrel.

The U.S. Labor Department released its weekly jobless claims figures Thursday morning, and another 3.839 million Americans filed for unemployment benefits during the week ending April 25. Economists were predicting 3.5 million claims for the week, and the prior week’s figure was revised higher to 4.44 million from 4.43 million.