Thursday, 25 August 2011

Stocks rise as US durable goods orders jump

A jump in US durable goods orders in July helped the stock market rise for a second consecutive day on Wednesday. Bloomberg reports:

Bookings for goods meant to last at least three years rose 4 percent, the most in four months, after falling a revised 1.3 percent in June, a Commerce Department report showed today in Washington. The median projection of 81 economists surveyed by Bloomberg News called for a 2 percent gain. Orders excluding the volatile transportation category, unexpectedly advanced 0.7 percent...

Stocks rose, extending the biggest Standard & Poor’s 500 Index rally in a week, after the reports on durable goods and home prices beat forecasts and bank shares rallied. The S&P 500 advanced 1.3 percent to 1,177.6 at the 4 p.m. in New York. Treasury securities fell, sending the yield on the benchmark 10- year note up to 2.30 percent from 2.15 percent late yesterday.

The economic data from Europe were not as good, with eurozone industrial orders falling 0.7 percent in June and the German Ifo business climate index falling to 108.7 in August from 112.9 in July.

Still, stocks in Europe managed to rise for a third day on Wednesday, the Stoxx Europe 600 Index rising 1.4 percent.

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