Markets inch up after record close

U.S. stock markets inched up Thursday morning, moving beyond record closes on Wednesday, as jobless claims came in unexpectedly high.

The Dow Jones Industrial Average opened up 37 points, or 0.1 percent, and the S&P 500 rose 12 points, or 0.3 percent. By close, stocks were virtually flat, with the Dow Jones down 7 points, negligible in percentage terms, and the S&P 500 up 6.5 points, or 0.2 points.

Weekly jobless claims dropped to 793,000 in the latest filings from the Labor Department, but the previous week’s applications were revised upward to 812,000. That week’s claims had first been reported at 779,000, lower than the latest week’s estimates.

But stock markets have taken tough economic data in stride on expectations that Congress will approve a significant COVID-19 relief bill.

House committees have begun marking up portions of President Biden’s $1.9 trillion plan, and Democrats have vowed to pass a final bill into law by early next month, before emergency unemployment programs expire starting March 14.

Updated at 4:18 p.m.