Durable goods orders unexpectedly fell 2.4% in August, versus the 0.4% rise that had been forecast, and July’s 4.9% increase in orders was revised to a 4.8% gain. Ex-transportation, orders were flat, compared to the 1.0% growth forecast. Non-defense capital goods ex-aircraft, considered a good proxy for business spending, fell 0.4%.
New home sales rose 0.7% month-over-month in August to an annual rate of 429,000 units, less than the 1.6% gain expected by economists, and July sales were revised lower to a 6.5% increase, lower than the initially reported 9.6% expansion.
The final University of Michigan Consumer Sentiment Index jumped from the preliminary report of 70.2 to 73.5 for September, exceeding the forecast, which called for a slight advance to 70.5.
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The Dow Jones Industrial Average fell 43 points (0.4%) to close at 9,665, the S&P 500 Index dropped 6 points (0.6%) to 1,044, and the Nasdaq Composite sank 17 points (0.8%) to 2,091. Crude oil added $0.13 to $66.02 per barrel, and the Bloomberg gold spot price declined $4.30 to $989.80 per ounce. For the week, the DJIA dipped 1.6%, while the S&P 500 Index slumped 2.2%, and the Nasdaq Composite sank 2.0%.
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