Stocks Modestly Higher after Upbeat Economic Data

U.S. stocks were modestly higher in the early trading on Wednesday, after a deluge of economic data came in stronger than expected. The Dow Jones Industrial Average lately fell 13.19 points, or 0.05%, to 28,108.49. The S&P 500 was up 4.00 points, or 0.13%, to 3,144.52. The Nasdaq Composite rose 22.88 points, or 0.26%, to 8,670.81.

Oil prices edged higher Wednesday, on a path for a fifth gain out of six sessions, as cautious optimism for a trade pact between the U.S. and China has propped up commodities prices and sent stock markets to records. West Texas Intermediate crude futures for January delivery were up 6 cents, or 0.1%, at $58.47 a barrel. January Brent crude gained 9 cents, or 0.1%, at $64.36 a barrel.

Orders for durable goods rose sharply in October, but most of the gain was tied to defense-related goods such as fighter jets and ships. Bookings for civilian products barely rose, highlighting ongoing weakness in the industrial side of the economy that’s constraining U.S. growth. Orders climbed 0.6% last month, the government said Wednesday.

The U.S. economy grew at a 2.1% annual pace in the third quarter, a few ticks higher than previously estimated. Gross domestic product was originally estimated to have grown 1.9%. The improved figure stemmed mostly from upward revisions in inventories and investment in structures, the government said. The increase in consumer spending was left at 2.9%. Business fixed investment was revised to show a 1% drop instead of 1.3%. Exports rose a bit faster at 0.9% and imports advanced 0.8% instead of 0.4% as initially reported.

The number of people who applied for unemployment benefits fell sharply. Initial jobless claims declined by 15,000 to 213,000 in the seven days ended Nov. 23, the government said Wednesday.