Surprise Rise in Durable Goods Orders Buoys Wall Street
all Street is heading for a higher open after the government reported a bigger-than-expected increase in orders for big-ticket manufactured goods.
The Commerce Department says orders for durable goods jumped 1.3 percent in July compared to the previous month, led by a big jump in demand for commercial aircraft. Orders for durable goods, which includes cars, appliances and machinery, had been expected to rise by 0.1 percent, according to economists surveyed by Thomson/IFR.
Durable goods are under scrutiny not only because they reflect business spending, but also because they are an indicator of consumer confidence.
The Dow Jones industrial average futures were up 20 points at the 11,432 level. They were lower before the report.
all Street is heading for a higher open after the government reported a bigger-than-expected increase in orders for big-ticket manufactured goods.
