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June 24, 2009

<img src=" http://www.joplinglobeonline.com/images/zope/wednesday.gif" border=0> Stocks rise after strong durable goods reading

Anonymous The Joplin Globe Wed Jun 24, 2009, 08:52 AM CDT

NEW YORK (AP) — A jump in durable goods orders is giving stocks a boost before the Federal Reserve’s decision on interest rates.

The stock market got a welcome surprise on Wednesday when the Commerce Department said orders for big-ticket manufactured items rose 1.8 percent in May. Economists surveyed by Thomson Reuters had anticipated a decline of 0.6 percent.

The market could be in for a volatile day, however, with the Fed scheduled to release its rate decision and assessment of the economy in the afternoon. The central bank is widely expected to leave its key rate unchanged at a range of zero to 0.25 percent, but investors are less sure about its outlook for the economy.

Recent gauges of the economy have been improving, but they have not yet pointed to actual growth. Many investors are nervous that a recovery could be hampered if the Fed hikes interest rates too soon or starts dismantling its emergency supports for the financial system.

“It’s pretty obvious that the Fed has a delicate tightrope to walk here,” said Craig Peckham, market strategist at Jefferies & Co. He said policy makers must acknowledge the long-term potential for inflation, but at the same time calm investors’ worries about any near-term removal of liquidity from the system.

“You’ll see this statement dissected more closely than anything we’ve seen in last couple of meetings,” Peckham said.

Investors, many of whom have placed bets over the past several months on a late-year economic recovery, are on edge as the second half of 2009 approaches. The Dow Jones industrial average is up 27.1 percent from the 12-year lows reached March 9, but the index has fallen 5.4 percent since June 12.

In early trading, the Dow rose 54.49, or 0.7 percent, to 8,377.40. The Standard & Poor’s 500 index rose 6.93, or 0.8 percent, to 902.03, and the Nasdaq composite index rose 21.58, or 1.2 percent, to 1,786.50.

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