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Published on Wednesday, August 27, 2008
By LA Daily News Staff Writer
NEW YORK - Wall Street posted a big advance after the government reported a larger-than-expected increase in orders for big-ticket manufactured goods that indicated the economy is stronger than many investors thought.
The Commerce Department said orders for durable goods jumped 1.3 percent in July compared with the previous month, led by a big gain in demand for commercial aircraft. That was well above the 0.1 increase expected by economists surveyed by Thomson/IFR.
Durable goods, which also include cars, appliances and machinery, are under scrutiny not only because they reflect business spending, but because they are also an indicator of consumer confidence. The July increase equaled a 1.3 percent rise in June; both months produced the strongest gains since a 4.1 percent leap back in December.
Light, sweet crude rose $1.88 to settle at $118.15 per barrel on the New York Mercantile Exchange on worries that Tropical Storm Gustav might hit Gulf of Mexico installations
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