Here’s something that on quick inspection looks like green shoots.
WSJ: Demand for expensive goods made a strong, surprising increase in May, the third climb in four months, while a gauge of capital spending surged by the most in nearly five years.
Manufacturers’ orders for durable goods increased by 1.8% last month to a seasonally adjusted $163.92 billion, the Commerce Department said Wednesday.
Wall Street expected a big decrease. Economists surveyed by Dow Jones Newswires had projected orders in May would fall 0.8%.
Orders for nondefense capital goods excluding aircraft rose by 4.8%, after decreasing 2.9% in April. It was the largest increase since 8.2% in September 2004.
The futures are up solidly, though not enormously and it still looks like the S&P will start on the underside of 900.
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