Stocks Opened Lower after Jobless Claims Jumped

U.S. stocks opened lower on Thursday after a new report showed new jobless claims resurged to more than 850,000 last week. The Dow Jones Industrial Average lately fell 166.41 points, or 0.55%, to 29,902.40. The S&P 500 slipped 22.06 points, or 0.60%, to 3,650.76. The Nasdaq Composite declined 110.37 points, or 0.89%, to 12,228.58.

Oil futures pushed higher Thursday, as investors remain focused on progress toward a COVID-19 vaccine which may enable a return to economic normality next year. West Texas Intermediate crude for January delivery rose 61 cents, or 1.3%, to $46.13 a barrel. February Brent crude rose 73 cents, or 1.5%, to $49.50 a barrel.

New weekly unemployment claims surged to 853,000 last week, or well above the 725,000 consensus economists were expecting, according to Bloomberg data. New weekly claims are now about four times greater than they were before the pandemic, when they were averaging about 200,000 per week.

The Labor Department’s monthly consumer price index (CPI) pointed to a slightly faster-than-expected rise in prices last month. The CPI rose 0.2% in November month-over-month after a flat reading in October.

Shares of Facebook (FB) added to losses in early trading after the U.S. Federal Trade Commission and 48 attorneys general filed an antitrust lawsuit against the social media giant on Wednesday.