New home sales, bounced off a record low, with sales jumping 26.9% in March to an annual rate of 411,000 units. Economists forecast new home sales would increase 5.5% to an annual rate of 325,000 units.
Durable goods orders unexpectedly fell, dropping 1.3% month-over-month in March, versus the 0.2% gain that was forecast, while February was upwardly revised to a 1.1% advance from 0.5%. However, ex-transportation, orders rose 2.8%, better than the 0.7% increase that was expected, and February’s 0.9% advance was revised to a 1.7% gain.
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The Dow Jones Industrial Average gained 70 points (0.6%) to close at 11,204, the S&P 500 Index rose 9 points (0.7%) to 1,217, and the Nasdaq Composite increased 11 points (0.4%) to 2,530. Crude oil was $1.41 higher at $85.11 per barrel, and the Bloomberg gold spot price rose $14.48 to $1,155.97 per ounce. For the week, the DJIA rose 1.68%, while the S&P 500 Index gained 2.11%, and the Nasdaq Composite gained 1.97%.
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