Stocks Edged Higher after Economic Reports

U.S. stocks edged higher in early trade on Thursday, as investors assessed a raft economic reports, such as weekly jobless claims and international trade. The Dow Jones Industrial Average lately added 2.20 points, or 0.01%, to 17,700.38. The S&P 500 added 3.84 points, or 0.19%, to 2,063.53. The Nasdaq Composite was up 4.54 points, or 0.09%, to 4,884.77.

The fewest Americans in nine weeks filed applications for unemployment benefits, a sign of further strength in the labor market that will continue to support the U.S. expansion. Jobless claims dropped by 20,000 to 268,000 in the week ended March 28, the lowest since the period ended Jan. 24 and second-lowest in at least a year, a Labor Department report showed Thursday in Washington.

The U.S. trade deficit sank 17% in February to the lowest level since 2009, largely because of cheaper oil, but exports also fell to a two-and-a-half year bottom in a sign that a stronger dollar and a weak global economy are hurting American companies. The U.S. trade deficit declined by $7.2 billion to $35.4 billion in February from a revised $42.7 billion in January, the Commerce Department said Thursday.

Federal Reserve Chair Janet Yellen said economic mobility strengthens the economy and more research is needed on factors that influence it, including how families affect future prosperity and how public policy can help offer the most opportunity.

Oil prices fell more than 3 percent on Thursday as officials from the big global powers stayed locked in nuclear talks with Iran that, if successful, could allow the Islamic state to release more crude oil onto world markets. Brent crude for May slumped $2.23, or 3.9 percent, to a low of $54.87 a barrel before rallying to around $55.60 by 1310 GMT (0910 EDT).