Stocks Opened Higher despite Grim Jobless Claims Report

U.S. stocks opened sharply higher on Thursday, even after a report on jobless claims for the week ended May 2 rose by 3.169 million. The Dow Jones Industrial Average lately gained 290.17 points, or 1.23%, to 23,954.81. The S&P 500 rose 39.33 points, or 1.38%, to 2,887.75. The Nasdaq Composite advanced 120.49 points, or 1.36%, to 8,974.87.

Crude oil futures climbed sharply on Thursday, at least partly supported by Saudi Arabia’s decision to lift prices to help stabilize values. West Texas Intermediate crude for June delivery rose $2, or 8.3%, to $25.99 a barrel. July Brent crude picked up $1.54, or 5.2%, at $31.26 a barrel.

The U.S. Labor Department’s weekly jobless claims report showed another 3.169 million individuals filed new unemployment claims for the week ended May 2. Meanwhile, a record 22.647 million continuing jobless claims were filed for the prior week ended April 25.