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Durable Goods Orders Climbed 1.9%

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  • Description

    FBN’s Diane Macedo breaks down the latest info from the Commerce Department.

  • Duration 4:23
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This morning that is right we got the final reading on first quarter GDP and economic activity in the US was revised higher.

So one point 9% that's in line with estimates that growth is still sharply lower from the end of last year when the economy grew at a rate of three point 1%.

Durable goods orders for May also came in rising one point 9% which is better than expected.

But orders excluding transportation did not rises much as expected those orders rose -- six tenths of a percent we're nine -- with the expectation.

Meanwhile -- reached a deal that will allow it to get more bailout money from the rest of Europe.

While stocks got a boost on the news Motley -- David -- says there's one big hurdle to clear first.

It seems as though the European leaders had effectively.

Bury the bad news about this saying is that the key -- is of course the 28 of June.

When the Greek out parliament has to sit together and decide whether or not they will go through -- this austerity package if they can push through the 78 billion euros.

All of austerity cuts but I've -- -- needed.

Then of course Europe we'll let them have twelve billion euros and that is the deal that is on the table right now.

The spending cuts are very unpopular with the Greek people though -- been protests and strikes for months.

But without the cuts Greece may not get the bailout now without the bail out Greece will almost certainly default on its debt.

Oil prices are moving between gains and losses this morning the volatility comes after prices plunged yesterday.

And that was after the IEA announced its releasing sixty million barrels of oil.

Have to that half of that's coming from the US emergency stockpiles and former ambassador John Bolton doesn't think it'll make much of the difference.

I think this release was entirely political.

There's nothing merely amounting to the kind of strategic crisis.

That the petroleum reserve was created for or that would justify release.

And I think the saudis and others had made it clear that whatever the disruptions.

In Libyan production caused by the civil war there they would make up oh OPEC is all but is often in disarray.

And the saudis and others have their own ways of just increasing production without regard to -- quotas that OPEC agrees on.

So I I think this was actually a mistake I think when you use the petroleum reserve in this kind of way.

You're undercutting its purpose and sending a signal of of weakness when there's no need to do it.

Analysts say the -- should help bring gas prices down slowly but keep in mind they've kinda been moving that way anyway.

-- JPMorgan -- is dropping more than a thousand debt collection lawsuits according to the Wall Street Journal the bank did not disclose why it abandon the cases.

-- -- lawyer who handles cases for JPMorgan Chase in Florida told the journal.

They were dismissed because of irregularities in paperwork.

-- is spinning off its orchard supply hardware chain.

The California based chain will become its own publicly traded company because -- says.

It'll be more valuable to investors that way after the split Sears will own 80% of orchard supply.

While Ares management will own the remaining 20%.

Princess cruises canceling stops in parts of -- act the cruise line says it's dropping recalled into the Mexican port.

To protect passengers from violence the move comes months after the princess and other cruise lines canceled stopped in the nearby port.

Southern Union meanwhile is getting another takeover bid.

Williams is offering five billion dollars for the pipeline company that's higher than last week's bid from energy transfer -- equity.

Energy Transfer Equity rather whichever -- is accepted retreated two companies will make that company the largest gas line pipeline company in the country.

The announcement is sending Southern Union shares higher in premarket -- And since you guys seem a little night light on your basketball knowledge to that -- -- let you know that key diary Irving without due to 80.

Injury toe injury legs -- and what what I say like injury leg injury.

I'll give you know most basketball players are are quite tall according to date and so the carrier perfect actually not that -- What not to do at this Taco Bell what doesn't and it'd be doing that -- way why is it's an act in any time the showed continued any time we talk about basketball and I just had to tell you something about it exactly -- -- we talk about basketball this morning it's just does not gone well.

But you know carrier to number one pick and we hope it does well and they can -- -- because she went to Wake Forest that's all you really need to know but thank you dial up.

-- -- going to be gang you -- I don't even need an excuse to hate -- we just.

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