The Commerce Department reported on Wednesday that durable goods orders increased by 2.6% in March, meeting estimates. This increase comes after a 0.7% gain in February. The rise in orders for long-lasting goods such as appliances, computers, and aircraft is a positive sign for the economy.
New orders for items like appliances and computers rose for the second consecutive month, with a notable increase in transportation orders by 7.7%. Nondefense aircraft and parts orders saw a significant surge of 30.6% in March.
While durable goods orders increased by 0.3% from a year ago, the overall trend is positive for the manufacturing sector. This news is a welcome development for the economy as it continues to recover from the impact of the pandemic.
In other news, stocks like Biogen, Tesla, and Boeing are making big moves in premarket trading. Biogen saw a 6% increase after posting better-than-expected earnings, while Tesla jumped 12% following CEO Elon Musk’s announcement of plans to start production of a new affordable EV model. Boeing also saw a 2% increase after reporting first-quarter results that surpassed Wall Street expectations.
Overall, the market is showing signs of strength and resilience, with positive developments in various sectors. Investors will be keeping a close eye on these trends as they navigate the ever-changing landscape of the financial markets.
