U.S. factory orders rose sharply in March
The gain was much stronger than expected. Economists surveyed by the Wall Street Journal were expecting a 1% increase.
The factory sector has been a bright spot during the pandemic and its aftermath. Factor orders have risen in 22 of the past 23 months. Durable-goods orders rose a revised 1.1% in March, revised from the initial estimate of a 0.8% gain. Durable goods orders are up in five of the past 6 months.A key indicator of business investment, orders for nondefense capital goods, excluding aircraft, rose a revised 1.3% in March, up from the prior reading of a 1% gain .
Stocks DJIA, -0.16% SPX, +0.13% opened mixed on Tuesday as the Fed’s two-day policy meeting was set to get underway.
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