Dramatic US stimulus and hopes of a revival in business activity as states reopen from lockdowns have powered a Wall Street rally in April, putting the S&P 500 and Dow Jones index on course for their best months since 1987.
The Labor Department's report showed initial jobless claims totaled 3.84 million for the week ended April 25, a day after data confirmed the biggest contraction for the US economy in the first quarter since the Great Recession.
At 11:29 a.m. ET the Dow Jones Industrial Average was down 259.15 points, or 1.05%, at 24,374.71, the S&P 500 was down 24.37 points, or 0.83%, at 2,915.14 and the Nasdaq Composite was down 18.28 points, or 0.21%, at 8,896.43.
Facebook Inc jumped 5% after the social media giant posted better-than-expected quarterly revenue.