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Stock markets jumped up in early trading Thursday morning, despite a seventh week of dismal initial unemployment numbers.

The Dow Jones Industrial Average was up 250 points, or 1.1 percent, in morning trading, while the S&P 500 was up 38 points, or 1.3 percent.

The Labor Department reported earlier Thursday that 3.2 million Americans filed for unemployment benefits in the week ending May 2, bringing the total number of claims since the pandemic began to 33.5 million.

The Labor Department on Friday is expected to report monthly data showing the worst levels of unemployment since the Great Depression.

But with states beginning to reopen portions of their economies, markets appear to be betting on a robust economic recovery.

The Food and Drug Administration on Thursday also approved a phase 2 trial for a potential COVID-19 vaccine from Moderna, which said it could be on track to have a first batch cleared by early 2021.

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