May 10, 2012-Stocks Set to Edge Higher After US Jobless data

After trending lower in recent sessions, stocks may move back to the upside in early trading on Thursday. The major averages are currently pointing to a moderately higher open for the markets, with the Dow futures up by 47 points. Stocks may benefit from bargain hunting following the recent weakness, which pulled the Nasdaq and the S&P 500 down to two-month closing lows on Wednesday. Nonetheless, buying interest may remain somewhat subdued amid continued concerns about the political uncertainty in Greece, where Socialist leader Evangelos Venizelos is making a last-ditch effort to form a government and avoid a new round of elections. Traders are also digesting a batch of key economic data following the lack of major U.S. economic over the past few days. A report from the Labor Department showed that initial jobless claims edged down to 367,000 in the week ended May 5th from the previous week's revised figure of 368,000. Economists had expected jobless claims to inch up to 366,000 from the 365,000 originally reported for the previous week. The Commerce Department also released a report showing that the U.S. trade deficit widened to $51.8 billion in March from a revised $45.4 billion in February. The trade deficit had been expected to widen to $49.5 billion from the $46.0 billion originally reported for the previous month.