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NEW YORK (Reuters) - New U.S. orders for long-lasting manufactured goods unexpectedly rebounded in February, rising for the first time in seven months, according to a government report on Wednesday that could bring some cheer to an economy mired in recession,Sacs Louis Vuitton.
KEY POINTS: * The Commerce Department said durable goods orders rose 3.4 percent to $165.6 billion in February, the biggest increase since December 2007, after a revised 7.3 percent plunge the prior month, previously reported as a 4.5 percent decline,Louis Vuitton Borse. * New orders excluding transportation rose 3.9 percent in February, the largest gain since August 2005. * Civilian aircraft and parts dropped 28,Sac Louis Vuitton.9 percent after Boeing reported only four new aircraft orders in the month after 18 orders in January. * Non-defense capital goods orders excluding aircraft,Hogan, a closely watched proxy for business spending, expanded 6.6 percent in February. * Analysts polled by Reuters had expected overall new orders to fall 2 percent in February, and orders excluding transportation to drop 2 percent.
COMMENTS:
TOM SOWANICK, CHIEF INVESTMENT OFFICER, CLEARBROOK FINANCIAL
LLC, PRINCETON, NEW JERSEY:
"Recession is over. Oil is back above $50. The S&P is 20-plus percent above its lows. Durable goods up 7.6 percent for non-defense, machinery at plus 13.5 percent. In addition, inventories dipped negative 0.9 percent -- another positive forward number."
MICHAEL WOOLFOLK, SENIOR CURRENCY STRATEGIST, BANK OF NEW YORK
MELLON, NEW YORK:
"This is consistent with the data that we've seen for January and February, reflecting the fact that the pace of the decline in the U.S. economy has stabilized somewhat from the significant decline seen in November and December."
SCOTT BROWN, CHIEF ECONOMIST, RAYMOND JAMES & ASSOCIATES, ST
PETERSBURG, FLORIDA:
"The durable goods report is a big surprise. We did get a big downward revision to January numbers and it is likely that weather was a factor: worse than normal in January and better than normal in February.
"Taken at face value the data is a positive for the stock market and a negative for government bonds, but the weakening trend remains in place."
PETER KENNY, MANAGING DIRECTOR, KNIGHT EQUITY MARKETS, JERSEY
CITY, NEW JERSEY:
"Up 3.4 pct, that is really, very encouraging. You might say that this is just an outlier, it's not part of a trend or a bigger shift, and fine,pochette louis vuitton, you can say that, but you also have to take into consideration that we've seen a lot of outliers,Sacs Louis Vuitton. Mortgage applications are up 30 percent, housing prices are firming in some markets. We've seen a variety of different data points that suggest that though we're not completely done with the deterioration in the overall economy, we're clearly seeing signs of a thaw."
MARKET REACTION: STOCKS: U.S. equity index futures add to gains after durable goods data. BONDS: U.S. Treasury debt prices extend losses. DOLLAR: U.S. dollar reverses gains.
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