Stocks Opened Slightly Higher after Jobless Claims Report

U.S. stocks opened slightly higher on Thursday as investors digested initial unemployment claims report. The Dow Jones Industrial Average lately advanced 123.11 points, or 0.52%, to 23,598.93. The S&P 500 rose 14.78 points, or 0.53%, to 2,814.09. The Nasdaq Composite was up 53.61 points, or 0.63%, to 8,548.99.

Oil prices on Thursday headed sharply higher, with gains being attributed to the threat of conflict between the U.S. and Iran. June West Texas Intermediate crude CLM20, 21.41%, the U.S. benchmark grade, rose $2.57, or 18.7%, at $16.37 a barrel. June Brent crude rose $1.80, or 9%, to reach $22.21 a barrel.

The record surge of Americans applying for unemployment benefits is starting to recede, but another 4.4 million people filed new jobless claims last week to push the total above 26 million since the coronavirus pandemic laid siege to the U.S. economy a month and a half ago.