Durable goods orders fell 1.3% month-over-month in August, more than the 1.0% decline that was expected, while July’s figure was upwardly revised from a 0.3% increase to a gain of 0.7%. Ex-transportation, orders rose 2.0%, compared to the expectation of a 1.0% increase. Non-defense capital goods excluding aircraft, considered a good proxy for business spending, rose by 4.1% in August, compared to the 3.0% increase that was anticipated.
New home sales were unchanged in August at an annual rate of 288,000 units, as July’s figures were upwardly revised, while the expectation was for a 6.9% increase to a 295,000 annual rate. More from Bloomberg...
The Dow Jones Industrial Average jumped 198 points (1.9%) to close at 10,860, the S&P 500 Index gained 24 points (2.1%) to 1,149, and the Nasdaq Composite added 54 points (2.3%) to 2,381. Crude oil increased $1.31 to $76.49 per barrel, and the Bloomberg gold spot price advanced $3.90 to $1,296.35 per ounce. For the week, the DJIA increased 2.4%, the S&P 500 Index gained 2.1%, and the Nasdaq Composite rose 2.8%.
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