The early strength on
The report said durable goods orders increased by 0.8% in April after surging up by an upwardly revised 3.6% in March. The continued growth surprised economists, who had expected orders to drop by 0.7%.
Positive sentiment has also been generated by a separate report from the Conference Board showing that consumer confidence improved in line with economist estimates in the month of May.
Biotechnology stocks have shown a strong move to the upside in early trading, driving the NYSE Arca Biotechnology Index up by 1.6%. With the gain, the index has reached its best intraday level in well over a month.
Significant strength has also emerged among networking stocks, as reflected by the 1.3% gain being posted by the NYSE Arca Networking Index. The index has also reached a one-month high.
Financial, internet, and computer hardware stocks are also seeing early strength, while gold stocks have come under pressure amid a decrease by the price of the precious metal.
The major averages have seen some further upside in early trading, reaching new highs for the young session. The Dow is up 67.59 points or 0.4% at 16,673.86, the Nasdaq is up 36.46 points or 0.9% at 4,222.27 and the S&P 500 is up 9.43 points or 0.5% at 1,909.96.
Most Popular Stories
- 'Lucy's' Super Powers Tops 'Hercules' at Box Office
- The Rise and Fall of Richard Alarcon
- The 2014 Fastest-Growing 100
- U.N. Renews Demand for Gaza Cease-Fire
- Vancrest Assisted Living Project to Add 20 Jobs
- 'Sharknado' Sequel Has Bite and Lots of Laughs
- Nissan Profits Rise on Growth in U.S., China
- Fighting Blocks Investigators, Police From MH17 Crash Site
- Pending Home Sales Slipped in June
- Shania Twain's Vegas residency ending after 110 shows