NEW YORK – Wall Street has posted a big advance after the government reported a larger-than-expected increase in orders for big-ticket manufactured goods that indicated the economy is stronger than many investors thought.
The Commerce Department says durable good rose a larger than expected 1.3 percent in July, led by a big jump in demand for commercial aircraft. Durable goods, which also include cars, appliances and machinery, are under scrutiny not only because they reflect business spending, but because they are also an indicator of consumer confidence.
The Dow Jones industrials are ending up about 89 at the 11,502 level. Trading has been thin, which can tend to skew price moves.