Durable goods orders for April were substantially better than expected. Total durable goods were down .5%, but only a fraction of expectations. When transportation is taken out, durable goods were 2.5% higher, much better than expected. The only negative here is that durable goods order data tends to be extremely volatile month-to-month.
Between the continuing drop in crude oil prices, and the durable goods order surprise to the upside, this has the potential to stoke a nice stock market rally. Stock market futures are responding accordingly.
