Stocks Opened Higher after Economic Reports

U.S. stocks opened slightly higher on Thursday as investors assessed a number of economic reports including monthly retail sales. The Dow Jones Industrial Average lately added 58.59 points, or 0.33%, to 18,058.99. The S&P 500 was up 6.34 points, or 0.30%, to 2,111.54. The Nasdaq Composite gained 16.13 points, or 0.32%, to 5,092.82.

U.S. retail sales surged in May as households boosted purchases of automobiles and a range of other goods even as they paid a bit more for gasoline. Retail sales increased 1.2 percent last month after an upwardly revised 0.2 percent gain in April, the Commerce Department said.

Applications for U.S. unemployment benefits remained below 300,000 for a 14th straight week, a sign of labor market strength that will help fuel U.S. growth. Jobless claims rose by 2,000 to 279,000 in the week ended June 6, a Labor Department report showed Thursday in Washington.

The prices the U.S. paid for imported goods surged a seasonally adjusted 1.3% in May, entirely because of a sharp increase in fuel costs. Fuel imports jumped 11.8%, the biggest increase since mid-2009.

Saudi Arabia is ready to increase its oil output in the coming months to a new record to meet a rise in global demand, despite increased domestic use, a senior state oil company official said on Thursday.

Lululemon founder Dennis “Chip” Wilson is selling his family’s remaining stake in the yoga gear maker a year after pushing for board changes. Wilson is selling about 20.1 million shares at $60.95 apiece, which constitutes his remaining 14 percent stake in the company.