Smokestack lightning: Orders to U.S. factories rose in March for the first time since last July, breaking a long stretch of weakness in manufacturing. Orders increased 2.1% following seven monthly declines, the Commerce Department announced this morning. And in further good news, orders in a key category that tracks business investment plans eked out a 0.1% rise. It was the first advance in this category since last August. Orders for durable goods, which are items expected to last at least three years, rose 4.4% in March, while demand for non-durable goods such as chemicals and paper dropped 0.3%. The Associated Press has the full story.
On the way up: U.S. stocks gained this morning, pushing the market to record levels, as investors assessed corporate earnings. The Associated Press reports stocks also got a lift from the report that showed factory orders rose in March for the first time since last summer. A promise by China’s leaders to shore up growth and hopes of progress in Greece’s bailout talks with its creditors helped global stocks rally. The Associated Press has the full story.
On the way down: Oil eased back down toward $66 a barrel this morning after reaching a 2015 high above $67 earlier in the day, as ample current supplies and weak Chinese factory activity countered expectations of a tighter supply-and-demand balance later this year, Reuters reports. The collapse of oil prices in 2014 has prompted expectations that supply growth in higher-cost crude producers such as the United States will slow. On Friday, oil services firm Baker Hughes Inc. said the number of U.S. active rigs had fallen for a record 21 weeks in a row. Read the full story.
