Stocks reignite September rally

Associated Press

NEW YORK

Stocks rose sharply on Friday, giving the market its fourth-straight week of gains, after a big increase in orders for manufactured goods allowed investors to shake off several days of doldrums.

The Dow Jones industrial average jumped nearly 200 points, its first gain in three days. The market has had its longest weekly winning streak since stocks rose to their highest levels of the year in late April.

A surprise jump in durable-goods orders and corporate spending provided the boost to U.S. stocks, as did a strong earnings report from Nike Inc. In Europe, shares also rose after German business confidence rose unexpectedly to its highest level in more than three years.

Gold prices climbed to another record, briefly touching $1,300 an ounce, as many investors remained cautious. The dollar and Treasury prices fell.

Industrial stocks including General Electric Co., Caterpillar Inc. and United Technologies Corp. gained after the Commerce Department reported that orders for durable goods excluding transportation rose last month at their fastest pace in five months, and corporate spending rose.

Stocks have been volatile in recent sessions as investors react to the latest pieces of economic data.

Much of the economic news throughout September has been better than expected, pushing major indexes sharply higher during the month after a big sell-off in August.