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U.S. stocks open lower on oil slide

Xinhua, June 9, 2016 Adjust font size:

U.S. stocks opened lower on Thursday, as a decline in oil prices from recent gains weighed on Wall Street.

Shortly after the opening bell, the Dow Jones Industrial Average lost 47.43 points, or 0.26 percent, to 17,957.62. The S&P 500 shed 7.17 points, or 0.34 percent, to 2,111.95. The Nasdaq Composite Index was down 15.17 points, or 0.31 percent, to 4,959.47.

Oil prices retreated to trade more than 1.5 percent lower on Thursday, ending a three-day rally, as traders took profit. U.S. oil settling above 51 U.S. dollars a barrel for the first time since July 2015, helped by a larger-than-expected U.S. crude stockpile draw.

On the economic front, in the week ending June 4, the advance figure for seasonally adjusted initial claims was 264,000, a decrease of 4,000 from the previous week's revised level, according to the U.S. Labor Department Thursday.

The four-week moving average was 269,000, a decrease of 7,5000 from the previous week's revised average.

U.S. stocks ended higher after wavering in a tight range Wednesday, with the Dow Jones industrial average above the psychologically key 18,000 level for the first time since April. Endit