Stocks edge higher on report showing increase in factory orders
NEW YORK -- Stocks turned positive in early Wall Street trading following a report showing factory orders in May increased higher than expected.
The Dow Jones industrial average was up 49 points, or 0.4%, to 12,920 more than an hour after the opening bell.
The broader Standard & Poor’s 500 index was up 5.7 points, or 0.4%, to 1,371. The Nasdaq was up 16 points, or 0.5%, to 2,967.
The U.S. Commerce Department said Tuesday that new orders for manufactured goods rose $3.3 billion, or 0.7%, to $469 billion in May.
Economists had forecast a 0.2% increase, Thomson Reuters reported. The increase in factory orders followed two consecutive monthly decreases.
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