Stocks Edged Higher after Economic Data

U.S. stocks edged higher in the early trading on Thursday, despite data showing weaker-than-expected jobless claims numbers and wider gap in the U.S. trade deficit. The Dow Jones Industrial Average lately gained 29.96 points, or 0.18%, to 16,602.96. The S&P 500 was up 2.49 points, or 0.13%, at 1,893.39. The Nasdaq Composite added 7.89 points, or 0.18%, at 4,284.34.

The number of Americans who applied for unemployment benefits in the last week of March rose to the highest level in a month, but initial claims continued to hover near the lowest level since the end of the last recession. New jobless claims jumped by 16,000 to a seasonally adjusted 326,000 in the week ended March 29, the Labor Department said Thursday.

The U.S. trade deficit with other nations rose in February to a five-month high, mainly because of lower exports such as Boeing aircraft and domestically produced petroleum. The trade gap widened to a seasonally adjusted $42.3 billion from a slightly revised $39.3 billion in January, the Commerce Department said Thursday.