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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Markets Up at Opening

Wall Street opened up this morning, boosted by a surprise jump in durable goods orders in May, the Commerce Department reported this morning.

In the first 15 minutes of trading, the Dow was up about 50 points, or a little more than half of 1 percent.

The broader S&P 500 was up about three-quarters of 1 percent and the tech-heavy Nasdaq was up 1.2 percent.

Durable goods are big-ticket items, like refrigerators. Sales rose a surprise 1.8 percent in May, compared with April. Forecasters expected a drop.

The markets await word from the Fed today, following its meetings. No one expects a hike or cut in interest rates, but the markets will look for signs that the Fed is telegraphing an interest-rate hike in coming quarters.

-- Frank Ahrens
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By Frank Ahrens  |  June 24, 2009; 9:48 AM ET
Categories:  The Ticker  | Tags: Dow Jones, nasdaq, s&p 500  
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Comments

The markets opened up and will probably proceed even higher with the testimony of Chairman Bernanke. He is bound to provide an injection of optimism and an image of being in control for three reasons. Firstly, he cannot afford confidence to start waning. Secondly, a downbeat assessment will call into question the success of all his schemes to stabilise the markets. Thirdly, he wants to fend off any challenges for the job. Despite all this the longer term reality is on collision course with the short term denial that people are in.

Posted by: psouleles | June 24, 2009 10:43 AM | Report abuse

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