US stocks climb on better-than-expected economic data

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 blue-chip Dow Jones Industrial Average rose 21.41 points, or 0.19 per cent, to 11,370.69. The broader Standard & Poor's 500 Index was up 5.22 points, or 0.42 per cent, to 1,257.76. The technology- heavy Nasdaq Composite Index surged 30.42 points, or 1.33 per cent, to 2,310.53.

The dollar fell to 63.68 euro cents from 63.78 euro cents on Thursday but climbed to 107.87 Japanese yen from 107.39 yen.

Gold increased 17.10 dollars to 939.40 dollars per fine ounce. (dpa)

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