Stocks Opened Slightly Higher after Economic Data

U.S. stocks opened higher on Thursday after jobless claims, housing starts topped estimates. The Dow Jones Industrial Average lately rose 17.30 points, or 0.06%, to 31,205.68. The S&P 500 was up 1.95 points, or 0.05%, to 3,853.80. The Nasdaq Composite gained 31.96 points, or 0.24%, to 13,489.21.

Oil futures were under pressure Thursday, ahead of government data on U.S. crude inventories after an industry group reported an unexpected increase in supplies. West Texas Intermediate crude for March delivery fell 28 cents, or 0.5%, to $53.03 a barrel. March Brent crude was down 32 cents, or 0.6%, at $55.78 a barrel.

New weekly unemployment claims retreated slightly from last week’s elevated level as the coronavirus pandemic continued to grip the U.S. economy. Initial unemployment claims came in at 900,000 or above for back-to-back weeks after hovering below that level since August.

Housing starts and building permits each accelerated in December, as demand for new homes outpaced supply and drove a surge in residential construction. Housing starts jumped 5.8% in December over November to a seasonally adjusted annual rate of 1.669 million, the Commerce Department said Thursday.