US stocks edge higher as better-than-expected jobless claims offset stimulus worries

• US stocks edged higher on Thursday as better-than-expected jobless claims offset lingering stimulus worries.
• Gold notched another record high as investors continued to pile into the safe-haven asset.
• Investors continue to watch for signs of progress on the next stimulus bill from Washington.
• Read more on Business Insider.

US stocks edged higher on Thursday as better-than-expected jobless claims offset lingering stimulus worries.

Futures pared earlier losses and turned positive after the Labor Department said initial claims for unemployment insurance reached 1.2 million in the week that ended on Saturday; economists had expected 1.4 million filings. The figure was a decline from the previous week and represented the fewest filings since the coronavirus pandemic hit the US.

But concerns remain about the ability of Republicans and Democrats to agree on a new stimulus bill. The two parties are haggling over how much additional unemployment insurance to extend to out-of-work Americans.

Here's where US indexes stood at 2:00 p.m. ET on Thursday:

• S&P 500: 3,334.35, up 0.1%
• Dow Jones industrial average: 27,258.95, up 0.2% (57 points)
• Nasdaq composite: 11,023.42, up 0.2%

Read more: Tom Marsico's growth fund has crushed its benchmark for 13 years — and returned 28 times its peers in 2020. Here's what he's been buying, and the beaten-down stocks he plans to grab after the pandemic.

Earnings season continued. Shares of Bristol-Meyers Squibb rose after the company reported profits that exceeded Wall Street's expectations. GoDaddy also gained after its earnings beat expectations.

Bausch Health skyrocketed after the company said it would spin off its popular Bausch and Lomb eye-care business.

Gold's rally to fresh highs continued. The precious metal rose above $2,050 an ounce as investors flocked to the safe-haven asset.

The government is set to release its July nonfarm-payrolls report on Friday, showing how the labor market fared in the past month of the coronavirus pandemic recession and recovery. Economists expect the US economy to have added 1.5 million jobs, a positive figure but a slower pace than in earlier months.

Read more: Harding Loevner's global stock fund has trounced the market for over 30 years. Here's an inside look at the simple 4-part stock-picking criteria that helped the firm balloon to $72 billion.