Stocks Opened Higher after Decline in Jobless Claims

U.S. stocks open higher on Thursday, as data showed that new weekly unemployment claims dropped more than expected last week. The Dow Jones Industrial Average lately gained 91.22 points, or 0.30%, to 30,814.82. The S&P 500 added 11.56 points, or 0.30%, to 3,841.73. The Nasdaq Composite jumped 51.19 points, or 0.38%, to 13,661.73.

Oil futures on Thursday built on gains that have taken crude to one-year highs, underpinned by expectations the Organization of the Petroleum Exporting Countries and its allies will continue to keep a lid on output as the global economy recovers from the COVID-19 pandemic. West Texas Intermediate crude for March delivery rose 45 cents, or 0.8%, to $56.14 a barrel. April Brent crude was up 41 cents, or 0.7%, at $58.87 a barrel.

Initial unemployment claims fell far more than expected last week, as layoffs and job losses steadied but remained at still historically elevated levels during the ongoing pandemic. New jobless claims totaled 779,000 during the week ended Jan. 30.

Non-farm productivity slid by the most since 1981 in the final three months of 2020. The metric, which measures hourly output per worker, dropped by an annualized 4.8% in the fourth quarter following an upwardly revised 5.1% jump in the third quarter.