U.S.
stocks climbed for a second day, as investors gauged the strength of
the world™s largest economy after a report showed durable-goods orders
advanced more than forecast while investment in business equipment fell.
The Standard & Poor™s 500 Index added 0.3 percent to 1,870.91 at 9:30 a.m. in New York. The Dow Jones Industrial Average increased 34.23 points, or 0.2 percent, to 16,402.11.
The
S&P 500 has advanced 0.9 percent this year through yesterday,
putting it on course for a fifth consecutive quarterly gain. The index
has accomplished that feat just seven times since its creation in 1957.
The
gauge rose 0.4 percent yesterday after data showed confidence among
American consumers at a six-year high, adding to reports indicating the
economy is pulling out of a slowdown linked to unusually harsh winter
weather.
Demand
for durable goods items meant to last at least three years climbed a
more-than-forecast 2.2 percent, reflecting the biggest gain in
automobile demand in a year, a Commerce Department report showed today.
Orders for U.S. business equipment fell in February for the second time in three months, signaling corporate investment will be slow to gain momentum following the severe weather that put a damper on demand.
A
report at 9:45 a.m. New York time will probably show that activity in
the services sector has increased this month. Markit Economics Ltd.™s
purchasing-managers index rose to 54 in March from 53.3 in February,
according to economists surveyed by Bloomberg. A reading above 50
indicates expansion.
Source : Bloomberg
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