Thursday, March 26, 2009
Rollercoaster Ride
Tuesday saw a very volatile session which ended with gains as economic news provided a bullish outcome. The Dow gained 89.84 pointsto close at 7,749.81. The SPX tacked on 7.63 points to close at 813.88. We are in the green and ok.
Equities saw strength to open the session before falling prey to profit taking throughout most the session and on gloomy news from a Fed member that deflation was a big concern for the US economy. However, buyers came back the last hour of trading, leaving stocks in positive territory. Data on new home sales and durable goods orders came in better than anticipated, adding to several recent reports showing improvement.
Durable goods orders rose 3.4 percent in February when estimates were for a decline of 2.0 percent and following a 5.2 percent drop in January. This is the first gain for durable goods orders in seven months. Computers and machinery saw the largest gains, up 10.1 percent and 13.5 percent respectively. Nondefense capital goods orders rose 7.4 percent after falling 6.6 percent in January. Despite these gains though, the year on year declines remains large at 23.4 percent.
Until next time.
Equities saw strength to open the session before falling prey to profit taking throughout most the session and on gloomy news from a Fed member that deflation was a big concern for the US economy. However, buyers came back the last hour of trading, leaving stocks in positive territory. Data on new home sales and durable goods orders came in better than anticipated, adding to several recent reports showing improvement.
Durable goods orders rose 3.4 percent in February when estimates were for a decline of 2.0 percent and following a 5.2 percent drop in January. This is the first gain for durable goods orders in seven months. Computers and machinery saw the largest gains, up 10.1 percent and 13.5 percent respectively. Nondefense capital goods orders rose 7.4 percent after falling 6.6 percent in January. Despite these gains though, the year on year declines remains large at 23.4 percent.
Until next time.
# posted by Paul @ 4:51 AM 
