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Demand for U.S. Durable Goods Falls

Financial News Network
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April 30, 2012 AT 5:50 AM
Economic data coming out of the Commerce Department this morning; Orders for U.S. durable goods fell in March by the most in three years. Bookings for goods meant to last at least three years dropped 4.2%, well above economists forecast of a 1.7% decline.This data is due to the troubles in Europe and the slowdown in China as well as the end of the strongest 10-quarter performance in a decade on business investments.This data has not deterred the markets though. Positive corporate earnings lead the way in the beginning of the session today with the Dow up over a 0.5%, the S&P 500 up over 1% and the Nasdaq soaring over 2%.