Dry bulk shipping stocks appeared to bounce in tandem with a key economic indicator on Wednesday, as better-than-expected durable-goods data raised investor optimism for an economic turnaround.

The

Commerce Department

released numbers Wednesday indicating that orders for expensive manufactured products -- the kinds of products made out of the raw materials that are hauled across the oceans by dry bulk shipping companies -- rose 1.8% in May, the second-straight month of gains. Data-watching economists were expecting a decline.

Along with the broader market and industrial stocks in general, the notoriously volatile dry-bulk sector saw share prices move sharply higher across the board, even while hundreds of shipping executives gathered in New York City for

an annual three-day confab with the banking industry -- and even as the

Baltic Dry Index

, a gauge of shipping prices (and therefore shipping demand), dropped another 3.8% Wednesday, adding to recent declines.

In midday trading Wednesday, shares of

DryShips

(DRYS) - Get Report

jumped 7% to $5.84;

Diana Shipping

(DSX) - Get Report

was up 5% to $14.11; Genco Shipping

(GNK) - Get Report

added 6% to $21.80;

Navios Maritime Holdings

(NM) - Get Report

rose 6% to $4.38;

Safe Bulkers

(SB) - Get Report

gained more than 10% to $6.65; and

Eagle Bulk

(EGLE) - Get Report

added 8% to $4.86. Volumes were somewhat light, however.

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