Strong May Factory Orders Push US Stocks Higher
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US stocks are rallying modestly on a very quiet holiday-shortened Tuesday as investors are responding to a stronger-than-expected reading of factory orders for the month of May. The Dow Jones last traded at 12,904, up about 0.25 percent for the session. The Nasdaq is up 16 points and the S&P 500 is up 4 points to 1,369.
The Commerce Department said bookings to factories rose 0.7 percent for the month, sharply better than a 0.1 percent rise expected by Wall Street economists. Factory orders were revised to a 0.7 percent drop for the month of April with the May report. The gain in factory orders marked the first increase since March.
Factory orders excluding transportation equipment rose 0.4 percent in May, compared to a 0.9 percent decline in April.
The Commerce Department said bookings to factories rose 0.7 percent for the month, sharply better than a 0.1 percent rise expected by Wall Street economists. Factory orders were revised to a 0.7 percent drop for the month of April with the May report. The gain in factory orders marked the first increase since March.
Factory orders excluding transportation equipment rose 0.4 percent in May, compared to a 0.9 percent decline in April.
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