Wall Street Jumps on Durable Goods Report

Wall Street Jumps on Durable Goods Report, Shares rose after a stronger-than-expected increase in orders for manufactured goods in August. Wall Street Jumps on Durable Goods Report, The Commerce Department said orders for durable goods, fell 1.3 percent in August, slightly more than analysts’ predictions, but that was after an upward revision to the previous month. But orders rose 2 percent after the volatile transportation component was excluded.

Dan Greenhaus, the chief economic strategist with Miller, Tabak & Company, said the number “bodes well” for the gross domestic product reading for the third quarter.Alan B. Lancz, the president of Alan B. Lancz & Associates, said that improving economic data was one of several factors indicating to traders that the economy was improving.

Mr. Lancz said there was also cash on the sidelines being used for mergers and acquisitions and uncertainty in the bond market. Another report on Friday showed that sales of new homes were unchanged in August at an annualized pace of 288,000. But the market took the Commerce Department report in stride.

Within the first hour of trading, the Dow Jones industrial average rose 187.96 points, or 1.76 percent. The Standard & Poor’s 500-stock index was up 21.45, or 1.91 percent, while the Nasdaq rose 40.52, or 1.74 percent.