Durable Goods Drive Stock Rally

Wall Street focused on the August reading on durable goods Friday, and the Commerce Department's report was satisfying enough for traders to resume September's rally after a few sideways sessions.

Durable goods orders actually declined 1.3% in August, but excluding transportation that figure flips to a gain of 2%, considerably stronger than expected. That helped push stocks higher at the open and an uptick in new home sales helped the market extend its gains into afternoon trading.

With just over two hours to the closing bell the Dow Jones industrial average was up 198 points to 10,860, the S&P 500 jumped 24 points to 1,149 and the Nasdaq surged 54 points to 2,381. For the week, the 30-stock Dow added 2.4%, the S&P 500 gained 2% and the Nasdaq led the way with a 2.8% advance.

Read Full Article from Forbes

- Posted: 2010-09-25 21:18:48

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