This morning, the Commerce Department released data showing orders for durable goods "plunged by the largest amount in two years as manufacturing was battered by overall economic weakness." The 6.2% drop was more than twice what was expected. Additionally, the jobless claims were 14,000 less than previously thought, projected to be 529,000 for this week, but the four-week moving average of new jobless claims--which is a better gauge-- is at 518,000, its highest since January 1983. Futures have fallen, after the Dow and S&P 500 managed made small gains while the Nasdaq fell 0.5% yesterday. The AP explains, "The stock market is coming off of three sessions of gains, so some giveback, especially with disappointing data, is to be expected."
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