Weaker Durable Goods Report Hits Stocks
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U.S. markets gave up early gains Tuesday amid a weaker-than-expected December Durable Goods report. The report was the latest in a string of weaker economic data points that is coinciding with Fed tapering, which has bulls nervous.
New orders for manufactured durable goods in December decreased $10.3 billion or 4.3 percent to $229.3 billion, the U.S. Census Bureau announced, versus the 1.8 percent gain economists were expecting on average.
This decrease, down two of the last three months, followed a 2.6 percent November increase.
Excluding transportation, new orders decreased 1.6 percent. Excluding defense, new orders decreased 3.7 percent.
Transportation equipment, also down two of the last three months, led the decrease, $7.7 billion or 9.5 percent to $73.1 billion. This was led by nondefense aircraft and parts, which decreased $3.8 billion.
New orders for manufactured durable goods in December decreased $10.3 billion or 4.3 percent to $229.3 billion, the U.S. Census Bureau announced, versus the 1.8 percent gain economists were expecting on average.
This decrease, down two of the last three months, followed a 2.6 percent November increase.
Excluding transportation, new orders decreased 1.6 percent. Excluding defense, new orders decreased 3.7 percent.
Transportation equipment, also down two of the last three months, led the decrease, $7.7 billion or 9.5 percent to $73.1 billion. This was led by nondefense aircraft and parts, which decreased $3.8 billion.
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