Story developing. Stay tuned for updates here.
The numbers: Orders for durable or long-lasting goods sank 6.1% in January, but the decline was exaggerated a brief lull in orders for Boeing passenger plans.
Economists polled by The Wall Street Journal had forecast a 5% decline.
New orders fells by a mild 0.3% last month if planes and cars are stripped out. Orders minus transportation give a more accurate view of how well businesses are performing.
A key measure of business investment, meanwhile, was basically flat. So-called core orders edged up 0.1% in January. The figure omits defense and transportation and is a proxy for broader business investment.
Big picture: The industrial side of the economy is showing signs of recovery, other reports show. Customer spending is fairly robust and the prospect of lower interest rates later in the year could boost demand and make it easier for companies to borrow and invest.
Market reaction: The Dow Jones Industrial Average
DJIA,
and S&P 500
SPX,
were set to open mixed in Tuesday trades.
This post was originally published on Market Watch
