Stocks Opened Higher on Stimulus Hopes

U.S. stocks opened higher on Thursday as investors held out hopes that Washington could provide more stimulus money for a recovery that may be losing momentum. The Dow Jones Industrial Average lately gained 175.36 points, 0.63%, to 27,957.06. The S&P 500 was up 24.41 points or 0.73%, to 3,387.41. The Nasdaq Composite rose 122.29 points, or 1.10%, to 11,289.80.

U.S. oil futures traded lower Thursday as worries about rising cases of COVID-19 worldwide resurface. West Texas Intermediate crude for November delivery shed 71 cents, or 1.8%, to reach $39.50 a barrel. The December Brent crude shed 63 cents, or 1.5%, at $41.67 a barrel.

The number of Americans who applied for jobless benefits fell slightly in mid-September to the lowest level since the start of the coronavirus pandemic. Initial jobless claims filed through state programs dropped to 837,000 in the week ended Sept. 26 from a revised 873,000 in the prior week, the Labor Department said Thursday.

Americans ratcheted up their spending in August for the fourth month in a row, but the increase was the smallest since the U.S. reopened and pointed to a slower economic recovery. Consumer spending rose 1% in August, the government said Friday.