Markets open flat after better-than-expected jobless claims

Stock markets on Thursday opened flat, erasing expected losses in futures trading after a better-than-expected reading of initial unemployment figures.

The Dow Jones Industrial Average opened up 4 points, while the S&P 500 opened down 3 points. Both figures represent less than a 1 percent hike.

Thursday’s initial unemployment claims report showed 1.2 million new claims, a significant drop from the 1.4 million over the past two weeks. Economists had by and large expected another reading of 1.4 million.

Before the report’s publication, futures had pointed to opening losses, but quickly made up their ground heading toward the opening bell.

Despite movement in the right direction, the report showed that more than 31.3 million Americans remain on the jobless rolls.