Results tagged “durablegoods”

It's a hump day surprise! U.S. stocks are climbing based on better-than-expected data on home sales and durable goods. New home sales grew by 4.7% in February, thanks to low prices and mortgage rates; however home prices dropped 18%, between Feb. 2008 and Feb. 2009. A Credit Suisse economist said, "It’s a step in the right direction," but noted, "We still have a lot of supply to absorb before things get back to normal." And orders for durable goods rose 3.4%, the first uptick in seven months. Right now, the market is up about 2%.

This morning, the Commerce Department released data showing orders for durable goods "plunged by the largest amount in two years as manufacturing was battered by overall economic weakness." The 6.2% drop was more than twice what was expected. Additionally, the jobless claims were 14,000 less than previously thought, projected to be 529,000 for this week, but the four-week moving average of new jobless claims--which is a better gauge-- is at 518,000, its highest since January 1983. Futures have fallen, after the Dow and S&P 500 managed made small gains while the Nasdaq fell 0.5% yesterday. The AP explains, "The stock market is coming off of three sessions of gains, so some giveback, especially with disappointing data, is to be expected."