DJIA INDEX

Dow Jones futures reached a high of 11,059 and a minimum of 10,800 Wall Street yesterday added a third day of their winning streak after upbeat economic data on sales and retail, along with continued optimism that the European authorities are taking steps to address the crisis of debt in the region, boosted investor sentiment. The Dow Jones industrial average rose 1.7%. The Dow Jones has hit 468 points in the last three sessions only, a sharp contrast to the heavy losses experienced in the sessions prior to the event. The gains come a day before the monthly employment report expected which could cause very substantial volatility on Friday. Labor Department’s weekly report showed jobless claims rose to claims 401,000 weeks passed from 395,000 the previous week. This report comes before the much-anticipated employment report monthly, which economists expect will show the unemployment rate above 9% hit. A batch of relatively encouraging data released recently, however, has raised hopes that the jobs report could exceed expectations. Wall Street has closely followed the deepening of the euro zone, the sovereign debt crisis, which in recent weeks has pushed many European banks. European Central Bank held interest rates steady at 1.5% as was widely expected by economists. However, there was something of a disappointment after some analysts suggested that the central bank to take stronger than expected, measures to combat the economic winds strengthen. The European Commission said yesterday morning will proposals for recapitalization of banks there. Analysts expect that officials can implement a system that reduced trade assets linked to the quality of the sovereign debt of higher quality assets. German Chancellor Angela Merkel, it says later in the day that banks should first attempt to use national channels of liquidity before any consideration was made to use the euro rescue fund, called the European Stability Fund Financial.