Stocks were up this morning despite more economic data that shows the United States is falling deeper into a recession.

As of 11:05 a.m., the Dow Jones industrial average was up 62.36 points to 7,333.25. The Nasdaq composite index was up 5.95 points to 1,431.38 and the Standard & Poor’s 500 index was up 7.11 points to 772.01.

A Labor Department report released today showed that Americans continuing to receive unemployment benefits reached 5.1 million last week, the fifth straight week of record highs since the department began tracking data in 1967. The figure is up from 2.8 million people a year ago, the Associated Press reported. As of Feb. 7, an additional 1.4 million people were receiving benefits under an extended unemployment compensation program Congress approved last year.

The number of people filing first-time requests for unemployment benefits rose to 667,000 from the previous week’s total of 631,000.

Meanwhile, a Commerce Department showed that orders for durable goods fell 5.2 percent in January, the sixth straight month of declines as manufacturers trimmed production to weather the economic downturn. The drop was far greater than the 2.5 percent decline analysts predicted and was more than a revised 4.6 percent drop in December.

President Barack Obama’s budget proposal, which he will officially submit to Congress today, calls for possibly spending $250 billion more on the financial industry bailout on top of the $700 billion Congress already has approved. According to a senior administration official, the budget projects the government’s deficit to increase to $1.75 trillion this year.