US stocks open flat despite fall in jobless

US stocks opened on a flat note today after a government report said weekly jobless claims fell more than expected but remained…

US stocks opened on a flat note today after a government report said weekly jobless claims fell more than expected but remained stubbornly high in the sluggish economy.

The Dow Jones industrial average opened down 0.05 points, at 9,293.75. The broader Standard & Poor's 500 Index opened down 0.55 points, or 0.05 per cent, at 1,009.54. The technology-laced Nasdaq Composite Index was off 2.25 points, or 0.13 per cent, at 1,674.89.

Earlier, the Labor Department said US jobless claims fell to 421,000 in the week ended June 14th, compared to 434,000 in the prior week, and better than economists' forecast of a reading of 426,000.

New claims have held above the key 400,000 mark for 18 straight weeks, while the four-week moving average stayed above that level for 16 weeks. Economists view the 400,000 mark as a sign of a stagnant labour industry.