US stocks led higher on durable goods spike

Business News

Aug 28, 2008, 0:23 GMT

Washington - Major US stock indices gained on Wednesday after a better-than-expected report on monthly durable goods orders, while mortgage giants Fannie Mae and Freddie Mac sold off some of their outstanding debt. The Commerce Department reported a 1.3-per-cent gain in durable goods orders in July. Economists had forecast an unchanged measurement for the month, according to Bloomberg financial news service. Fannie and Freddie, whose shares plummeted some 30 per cent last week on fresh concerns that a federal bailout may be needed, both improved more than 15 per cent on Wednesday. The two government- chartered lenders each sold 3 billion dollars in debt at yields that could keep them out of a government rescue after all. The blue-chip Dow Jones Industrial Average rose 89.64 points, or 0.79 per cent, to 11,502.51. The broad-based Standard & Poor's 500 Index was up 10.15 points, or 0.8 per cent, to 1,281.66. The technology-heavy Nasdaq Composite Index climbed 20.49 points, or 0.87 per cent, to 2,382.46. The US currency fell slightly to 67.85 euro cents from 67.98 euro cents on Tuesday, but edged up against the Japanese currency to 109.45 yen from 109.29 yen. Gold rose to 834 dollars from 828.10 dollars per fine ounce on Tuesday.

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SP4: wowAug 28th, 2008 - 04:55:04

...another glaring sign of that nasty economy just juggernauting away! Not much of a sign of recession....

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US stocks led higher on durable goods spike

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