Markets recover from early slide

NEW YORK, Jan. 12 (UPI) -- U.S. markets slid early, but regained traction Thursday despite first-time claims for unemployment benefits rising by 24,000 in the latest week.

Initial claims reached 399,000, the department said. The news was offset the Federal Reserve's Beige Book report released Wednesday that said the recovery was proceeding at a "modest to moderate pace."

By close of trading on Wall Street, the Dow Jones industrial average had recovered to finish with a gain of 2.157 points or 0.17 percent to 12,471.02. The Standard & Poor's 500 index added 3.02 points or 0.23 percent 1,295.50. The Nasdaq composite index gained 13.94 points or 0.51 percent to 2,724.70.

On the New York Stock Exchange, 1,855 stocks advanced and 1,173 declined on a volume of 3.8 billion shares traded.

The benchmark 10-year treasury note fell 5/32 to yield 1.926 percent.

The euro rose to $1.282 from Wednesday's $1.2706. Against the yen, the dollar fell to 76.76 yen from Wednesday's 76.86 yen.

In Tokyo, the Nikkei 225 index lost 0.74 percent, 62.29, to 8,385.59.

In London, the FTSE 100 index shed 0.15 percent, 8.40, to 5,662.42.