Factory orders in the U.S. dropped 0.9% in October -- due largely to weak demand for durable goods, according to the Commerce Department. Orders for durable goods fell 3.4%, while orders for nondurable goods rose 1.5%. "I don't think we're in for a prolonged downtrend in new orders, but this is a reflection of the weakness we saw in demand over the summer," said Scott Anderson, senior economist at Wells Fargo Securities.

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