Durable Goods Orders | 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.

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.

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.

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.