U.S. stocks furthered record gains on Tuesday, with investor sentiment bolstered by the data that had the economy expanding in the third quarter by the most in 11 years.
“People are certainly these days looking on the bright side of any data point,” said Dan Greenhaus, chief strategist at BTIG.
But Greenhaus finds some of the enthusiasm following Tuesday’s economic reports to be a bit misplaced: “The durable goods number is worrisome for the fourth quarter.”
The U.S. economy soared by 5 percent in the third quarter, the most rapid pace since the same period of 2003.
A separate report had orders for durable goods unexpectedly dropping in November. Walgreen rose in early New York trading after the drugstore chain reported quarterly earnings that topped estimates; Keurig Green Mountain fell as the coffee recalled 6.6 million of its Mini Plus coffee makers because of a possible burn hazard.
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