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Market Update

Stimulus Worries Outweighs U.S. Durable Goods Orders Strength

Author: Nichole Harper
Last Update: 10:58 AM ET May 24 2013

110:55 AM New York – Market indexes traded higher to erase early morning decline but struggle to move in the positive territory. Durable goods orders increased faster-than-expected 3.3% in April on a jump in volatile aircraft orders. European markets closed lower.

Stocks in New York opened lower after volatile trading in Thursday’s trading and durable goods orders increased more than expected in April.

After ninety minutes of trading, the S&P 500 index decreased 0.6% and the Nasdaq declined 0.5%.

Durable goods orders increased 3.3% in April, the Commerce Department said on Friday.

The latest order report was one of the strings of reports that suggested that the U.S. economy is recovering steadily by at uneven pace.

The strength in new orders was broad based and transportation orders increased 8.1% boosted by demand jump in aircrafts.

European Markets

In London trading, FTSE 100 index slipped 0.6% or 40.26 to 6,656 and in Frankfurt the DAX index fell 0.6% or 54.6 to 8,297.

In Paris, CAC 40 index slid 0.1% or 5.13 to 3,962.

3i Group Plc slipped 1.6% to 356.70 pence after the UK based venture capital firm offered to acquire Barclays Plc’s European infrastructure fund business. The offer price is not disclosed.

Asian Markets

After a wild rise in Tokyo trading stocks managed to close higher at close.

The Nikkei index increased as much as 3% and plunged more than 3% after cautious comments from the Bank of Japan Gvoernor Kuroda and managed to rebound at close 0.9%.

The Nikkei 225 Stock Average gained 128.47 or 0.9% to 14,612.45 and for the week Nikkei 225 dropped 3.5%.

Markets in Seoul added 0.2%, in Mumbai jumped 0.15% and in Hong Kong declined 0.23%.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc