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US market futures up on mixed durable goods report
Tuesday - 3/26/2013, 10:51am EDT
NEW YORK (AP) -- U.S. stock market futures held onto their gains Tuesday after a report on February orders for machinery and other long-lasting items showed a sharp increase, reflecting a rebound in the commercial aircraft industry.
The Commerce Department reported a 5.7 percent surge in overall orders durable goods, the biggest increase in five months.
But orders for core capital goods, which signal business investment plans, fell for February by the largest amount in seven months. The decline followed a strong month in January, and it is unclear if the drop reflects a temporary setback.
Stock market futures held on to earlier gains following the data. Dow Jones industrial average futures added 27 points to 14,413. Nasdaq 100 futures added 6 points to 2,790.5. S&P 500 futures gained 3 to 1,550.
European markets were also up modestly, as investors gain confidence in the bailout arranged for Cyprus, even as the island nation decided to keep its banks closed for another two days in an attempt to ward off a run. The Markets were rocked on Monday after comments from a European Union leader suggested that the bailout provided a template for the future, sparking fears that bank deposits could be tapped if other countries economies falter.
Britain's FTSE 100 index added 0.9 percent to 6380.81. Germany's DAX added 0.17 percent to 7884.16 and the CAC-40 in France gained 0.56 percent to 3747.03.
Asian markets were mixed, with Japan's Nikkei index falling 0.6 percent while Hong Kong's Hang Seng and South Korea's Kospi both gained 0.3 percent. Mainland China stocks fell in response to government moves to cool off the real estate sector. The Shanghai Composite Index lost 1.2 percent while the smaller Shenzhen Composite Index lost 0.7 percent.
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