A big 1.9 percent jump in the always volatile durable goods report was all that it took for funds to move into equities and commodities on the expectation of economic recovery and inflation. But other data in the session were not so hot. New home sales firmed but remain very weak, while jobless claims continue to point to another month of massive job losses.
Oil rose nearly $2 to end under $65, given a special boost by drawdowns in oil and gasoline stocks. Tight management of supply has helped the oil industry to keep prices high despite still weak demand. Money might not be moving to safety but gold keeps rising, up $10 to $960. The S&P rose 1.5 percent to 906.83, the dollar index firmed 0.2 percent to 80.50.
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