US Equities Recover on Wholesale Figures

US equities recovered mid-day losses as investors cheered strong wholesale sales figures, an improvement in Chinese exports and positive statements from the ECB.

The Dow Jones Industrial Average index gained 80.71 points to 13,471.22 while the S&P500 index picked up 11.10 points to 1,472.12.

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The number of new unemployment claims in the US increased last week, with initial jobless claims rising to 4,000 to a seasonally adjusted 371,000. This was higher than market estimates of 365,000 which signs a cleaning business card for the economy.

Data released further showed that the four-week moving average of claims increased 6,750 to 365,750, though the number of continuing benefit claims dropped by 127,000 to 3,109,000. This was the lowest level since the week ended July 12, 2008.

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