A negative economic report from the Commerce Department has put the breaks on a bull rally on the Street today. According to the government agency, orders for U.D. factory goods fell 3.3% during August - its biggest decline since January. Economists were looking for a decline of 2.6% in factory orders. Weakness in the transportation sector was blamed for the short fall.
Digging a bit deeper into the report, orders for core capital goods fell 0.5%, while shipments of factory goods fell 1.6% in August. Inventories slipped 0.1% and unfilled orders rose 1.2%. Orders for durable goods decreased 4.9% in August while orders for nondurable goods fell 1.6%.