Stock Market Update

[BRIEFING.COM] The three major indices trade at session highs after this morning's data. They were already moving up ahead of the 10:00 ET release, though.

Factory orders decreased 0.9% month-over-month in December (Briefing.com consensus -0.3%) following a downwardly revised 0.8% decline (from -0.4%) in November. Excluding transportation, factory orders rose 0.3% on the heels of a 0.2% increase in November. Shipments of manufactured goods jumped 0.6% in December following a 0.1% increase in November.

The key takeaway from the report is that the weakness in factory orders was concentrated in the durable goods space, and primarily in nondefense aircraft and parts; but business spending was up, evidenced by the growth in new orders for nondefense capital goods excluding aircraft.