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Stocks rise despite durable goods data
U.S. stock indexes rose Wednesday, although gains were muted by a sharp drop in durable goods orders for August.
The Commerce Department said new orders fell 13.2 percent month-to-month with a 34.9 percent drop in orders for transportation equipment.
It was the largest overall one-month decline since January 2009, the department said.
Markets found support from rising markets in Asia and Europe. The Shanghai composite index in China rose 2.6 percent. With markets still open in Europe, gains were posted across the continent, although the DAX 30 in Germany was up only 0.02 percent.
The Dow Jones industrial average added 18.86 points, or 0.14 percent, to 13,432.37. The tech-dominated Nasdaq Composite index gained 12.63 points, or 0.41 percent, to 3,106.33. The S&P 500 added 3.72 points, 0.26 percent, to 1,437.04.
The benchmark 10-year treasury fell 8/32 to yield 1.64 percent.
The euro fell to $1.2858 from Wednesday’s $1.2871. The U.S. dollar fell to 77.70 yen from Tuesday’s 77.75 yen.
In Tokyo, the Nikkei 225 index gained 43.17 points, 0.48 percent, to 8,949.87.
Copyright 2012 by United Press International