US stocks edge higher despite weak data

US stock indices opened slightly higher on Thursday, despite the release of disappointing economic data.

The US Federal Reserve decided to hold the interest rate between zero and 0.25% unchanged, and addressed the recent rise in inflation according to the recent economic data, as the Fed officials see that the rise in consumer prices is temporary.

The FOMC stated that it expects 2 interest rate hikes in 2023, and raised its forecast for US GDP growth this year to 7% from 6.5% in March.

The US Department of Labor revealed that the number of initial unemployment claims rose to a month high 412K last week from 375K, while analysts forecast 360K.

As for stocks, Dow Jones fell 0.1% or 40 points to 33,992 as of 13:41 GMT, Nasdaq rose 0.2% or 24 points to 14,063, and S&P 500 rose 0.1% or 1 points to 4,226.