Durable goods orders up more than expected
Orders for U.S. durable goods climbed more than forecast in February, propelled by automobiles and a rebound in commercial aircraft. Bookings for goods meant to last at least three years rose 5.7 percent, the most since September, after a 3.8 percent drop the prior month, a Commerce Department report showed. The median forecast of 80 economists surveyed by Bloomberg called for a 3.9 percent advance. Figures on capital goods pointed to a pickup in business spending this quarter. Gains in auto and home purchases may keep benefiting manufacturers, leading to increases in output that are giving the economy a lift.
Consumer confidence slides sharply
Americans are less confident in the economy than they were last month as massive government spending cuts have stoked economic uncertainty. The Conference Board, a New York-based private research group, said its reading of confidence fell in March after rebounding last month. The March confidence index fell to 59.7 from a revised reading of 68 in February. That's also below the 68.7 reading that analysts polled by research firm FactSet expected. Anxiety about $85 billion in government spending cuts that took effect March 1 caused the decline, the group said. The index is closely watched by economists because it makes a monthly gauge of how Americans are feeling about their jobs, incomes and other bread-and-butter issues.
Deal gives Buffett big stake in Goldman Sachs
Warren Buffett's Berkshire Hathaway Inc. is poised to become one of Goldman Sachs Group Inc.'s largest shareholders without paying anything after the companies agreed on a plan to settle warrants granted at the height of the 2008 financial crisis. Berkshire had the right to buy 43.5 million Goldman Sachs common shares for $115 apiece until Oct. 1. Under the deal, Buffett's firm will get Goldman Sachs stock equal to the difference between the average closing price during the 10 trading days before Oct. 1 and the exercise price, multiplied by 43.5 million. The new deal reduces risk for Berkshire, which would have had to spend about $5 billion to exercise the warrants and then sell the shares to cement a profit.
FROM NEWS SERVICES
