Durable Goods | featured news

Stocks inched higher after a mixed reading on orders for durable goods, but the Dow remained on track for its first weekly loss in seven.

Orders for long-lasting goods posted the strongest gain of the year in July due to demand for cars and airplanes, though weakness continued outside the transportation sector.

New orders for a range of long-lasting manufactured goods fell in June and a gauge of planned business spending plans dropped, pointing to a slowdown in factory activity. The Commerce Department said on Thursday durable goods orders excluding transportation dropped 1.1 percent, the biggest decline since January, after rising 0.8 percent in May. Economists had forecast this category being flat last month.

Demand for long-lasting US manufactured goods rebounded more than expected in May and a gauge of business spending plans increased, but slowing global growth suggest the momentum might not be sustained.

New orders for manufactured goods rose less than expected in February and a gauge of future business investment also fell short of forecasts, Commerce Department data showed on Wednesday.

Traders were encouraged that orders for manufactured goods excluding the volatile transportation sector rose sharply last month.

New orders for long-lasting U.S. manufactured goods rose 1 percent in September, Commerce Department data showed on Wednesday, suggesting that the economy's wobbling recovery from recession may be steadying.

Orders for goods expected to last at least three years fell unexpectedly in August due mainly to a sharp drop in demand for commercial aircraft.

Orders for durable goods rebounded sharply in July, up 4.9%, staging their biggest gain in two years on demand for planes and capital goods.