By Alan Fein

(AXcess News) New York - Trending higher initial jobless claims reversed its course with the U.S. Department of Labor reporting 27,000 fewer claims for the week ending Sept. 3, 2010.  Total jobless claims for the week where 451,000.

In mid-August, initial jobles claims rose to a high of 504,000, stoking concerns over a rising unemployment rate that rattled investors.  The new weekly jobless data released this morning helped lift stocks in New York with the Dow gaining 60 points, though it settled back to a 35 point advance just 30 minutes before the closing bell.

Job pundits at large where looking for a drop of about 2,000 jobless claims.  Yet today's news, though positive, was not enough to shift investor outlooks of caution towards the U.S. economic recovery as current jobless numbers are the same as they were last year with the nation was still in the depths of the recession.

In other economic news, the government said the trade gap narrowed in July with exports rising to their highest level in two years.  Hopefully, the trend will continue as demand for U.S. made goods increases could help spur the job market.