The Commerce Department reported on Thursday that durable goods orders rose by 2.7 percent m-o-m in March after tumbling by a revised 1.1 percent m-o-m in February (originally a 1.6 percent m-o-m decline).

Economists had expected durable goods orders to climb by 0.8 percent m-o-m.

According to the report, the March gain in durable goods orders was attributable to a rebound in orders for transportation equipment.

Excluding orders for transportation equipment, durable goods orders rose by 0.4 percent m-o-m in March after dropping by a revised 0.2 percent m-o-m in February.