Stocks Opened Lower after Weak Jobless Claims Data

U.S. stocks opened lower on Thursday, after data showed nearly 3 million Americans lost jobs last week, more than had been expected. The Dow Jones Industrial Average lately retreated 233.25 points, or 1.00%, to 23,014.72. The S&P 500 fell 26.16 points, or 0.93%, to 2,793.84. The Nasdaq Composite declined 72.31 points, or 0.82%, to 8,790.86.

Oil futures gained ground Thursday, finding support after the International Energy Agency points to a tightening of the supply picture later in the year. West Texas Intermediate crude for June delivery rose 95 cents, or 3.8%, to $26.24 a barrel, while July Brent crude was up $1.03, or 3.5%, at $30.22 a barrel.

Initial jobless claims increased by 2.98 million in the week of May 3 to May 9, the U.S. Labor Department said Thursday, marking the eighth week in a row in which they’ve risen by nearly 3 million or more.

U.S. import prices fell 2.6% in April, the largest decline in more than five years, the Labor Department said Thursday. The decline was led by oil prices. Imported fuel prices declined a record 31.5% in April after a 26% drop in the prior month.