US Shares Rebound On Positive Durable Goods Data

US shares rose on the last day of the current trading week, despite having been in the red territory since Russian President Vladimir Putin recognized Donetsk and Luhansk separatist regions in Ukraine as independent states.

Wall Street stocks were positively driven by economic data, which highlighted the rise of durable goods orders in the United States to double the level of market expectations.

Orders for American durable goods rose by 1.6% last January, compared with a previous reading of 1.2%, which exceeded market expectations by 0.8%.

The Dow Jones industrial index rose 33,650 points gaining 440 points, or 1.4%. The Standard & Poor’s 500 index rose to 4335 points after adding 44 points, or 1.1%, and the Nasdaq’s gains for heavy technology industries recorded 62 points or 0.5%.

US President Joe Biden confirmed Thursday that a new package of economic sanctions, including export restrictions, will be imposed on Russia after the Russian military invasion of Ukraine.

Biden said: “The price paid by the Russian economy will be expensive both at the moment and over time. We deliberately designed those sanctions to maximize the impact on Russia while mitigating the impact on the United States and our allies”.