Opening Bell: U.S. Stocks Jump Despite Rise in Weekly Jobless Claims

Investors shrugged off a rise in weekly jobless claims on Thursday - stocks opened higher thanks to a rise in oil prices. The closely watched commodity gained steam, nearing $47 a barrel, following a report from the International Energy Agency saying global oil supply will see a 'dramatic reduction' during the second half of 2016. Weekly jobless claims hit a 14 month high, rising 20,000 to 294,000. The four week average added 10,250 claims. to about 268,250. Finally, more carnage for the retail sector. Kohl's (KSS) - Get Report reported a 3.9 percent drop in first quarter same store sales, while analysts had actually expected an increase. The company missed analysts' estimates on both the top and bottom lines. This comes after dismal first quarter results from rival Macy's (M) - Get Report , released Wednesday - fanning fears of a troubled consumer. TheStreet's Scott Gamm reports from Wall Street.