Stocks up; Dow’s gains wipe out its losses for early 2016

Markets are down slightly and mixed Thursday, March 17, 2016,... — Markets are down slightly and mixed Thursday, March 17, 2016, about where they were Wednesday when Fed Chair Janet Yellen signaled a slower pace of interest rate hikes this year. Stocks then rallied and closed with modest gains. Credit: Bloomberg News / Michael Nagle

By The Associated PressMarch 17, 2016

U.S. stocks turned mixed early trading Thursday as investors weighed a report on unemployment benefits and corporate news. However oil prices posted another strong gain Thursday, lifting energy stocks.

In the first hour of trading on Wall Street, the Dow Jones industrial average rose 20.4 points, about 0.1 percent, to 17,346.2. The Standard & Poor’s 500 index was down 2.3 points, about 0.1 percent, at 2,025. The Nasdaq composite fell 22.8 points, about 0.5 percent, to 4,741.1.

CRUDE ENERGY: The price of U.S. benchmark crude oil was up 83 cents, about 2.1 percent, at $40.83 a barrel in trading on the New York Mercantile Exchange. In London, the international benchmark, Brent crude was up 42 cents, about 1.2 percent, at $40.90 a barrel.

JOBLESS BENEFITS: The U.S. Labor Department reported that applications for unemployment benefits rose slightly last week, but they remain at levels consistent with a healthy job market.

ON THE MOVE: FedEx was up 8 percent after the package delivery company reported strong holiday-season sales. Williams-Sonoma fell 7 percent after the cookware retailer issued a downbeat forecast.

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