Stocks Opened Higher on Upbeat Earnings

U.S. stocks opened higher on Thursday, as investors digested a wave of mostly upbeat corporate results. The Dow Jones Industrial Average lately climbed 10.67 points, or 0.05%, to 20,985.76. The S&P 500 advanced 1.90 points, or 0.08%, to 2,389.35. The Nasdaq gained 16.83 points, or 0.28%, to 6,042.06.

Crude oil futures dropped to a four-week low on Thursday as growing concerns over rising U.S. production gripped the market. West Texas Intermediate crude for June delivery slid 47 cents, or 0.9%, to $49.16 a barrel. Brent for the same month lost 48 cents, or 0.9%, to $51.34 a barrel.

The number of Americans filing for unemployment benefits rose more than expected last week, but the four-week average of claims fell to a two-month low, indicating that labor market conditions continue to tighten. Initial claims for state unemployment benefits increased 14,000 to a seasonally adjusted 257,000 for the week ended April 22, the Labor Department said on Thursday.

An early look at U.S. trade patterns in March shows a 1.4% widening in the nation’s trade deficit. The trade gap in goods—services are excluded—widened to $64.8 billion in March from $63.9 billion in February, the government said Thursday in its advanced report.

Dril-Quip Inc. (DRQ) on Thursday reported first-quarter profit of $94,000. It had profit of less than 1 cent on a per-share basis. Earnings, adjusted for severance costs and non-recurring costs, were 5 cents per share. The results topped Wall Street expectations.

Brunswick Corp. (BC) on Thursday reported first-quarter profit of $64.9 million. The Lake Forest, Illinois-based company said it had profit of 71 cents per share. Earnings, adjusted for restructuring costs, came to 84 cents per share. The results topped Wall Street expectations.