US stocks climb on better-than-expected economic data

New York - Major US stock indices rose Friday on the back of some better-than-expected economic data, giving investors hope that a nationwide slowdown in growth may be slowly coming to an end. The Commerce Department reported that durable goods orders rose 0.8 per cent in June, marking the first consecutive monthly rise since July of last year. Economists had expected a 0.3-per-cent decline. The department also said June sales of new homes fell 0.6 per cent from May, a lesser decline than economists had forecast. But home sales were down 33 per cent in June from a year earlier, while RealtyTrac reported that foreclosure filings surged 121 per cent in the second quarter from the year-earlier period. A private consumer confidence index meanwhile increased unexpectedly in July, rising from a 28-year low the month before. The... [read full story]