You get enough sobering news during the week. So here’ s some good news to get you through the week end. Durable goods orders are up. And, as a result, the stock market jumped higher. From an AP article in the Gulf News…
US stocks are reviving a September rally and closing with big gains following more good news on the economy.
A surprise jump in durable goods orders and corporate spending sent stocks vaulting higher Friday, ending three days of doldrums. A gain in business confidence in Germany also helped markets.
According to preliminary calculations, the Dow Jones industrial average rose 198, or 1.9 per cent, to close at 10,860.
The Standard & Poor’s 500 index rose 24, or 2.1 per cent, to 1,149, ending a three-day losing streak. The Nasdaq composite index rose 54, or 2.3 per cent, to 2,372.
About five stocks rose for every one that fell on the New York Stock Exchange, where volume came to 1.1 billion shares.
I’m more bearish than bullish these days, so one number isn’t going to make me jump in the air and declare that slow growth is behind us. Our economic problems run deeper than that. Still, as I tell my 84-year old mother when she complains about her health, it’s better than the alternative. A much lower number was expected and we got a higher one instead. I’ll take it.