(As of 7:24 am PST)
Solid
economic data has reversed the decline in stock markets. The durable goods orders index was up 3.6%,
higher than estimates. It was led by
aircraft orders, which tends to make that index very volatile. Buried in the data was the fact that business
orders jumped by over 1%, a sign of a continuing steady, though muted
recovery. Another report showed that new
home sales jumped by the largest amount since 2008, and the Case-Schiller Price
Index showed the largest monthly gain in prices ever recorded at 2.5%. Consumer confidence soared above estimates
adding to investor confidence. Gold and
oil are near even for the day and interest rates appear to be stabilizing as
well. International markets stabilized
overnight. It looks like a day of solid
recovery, but worries about the future of Federal economic stimulus will put a
ceiling on gains.
No comments:
Post a Comment