mother of all double tops on the dow, page-2

U.S. stocks rise despite second straight drop in durable goods orders

Wed Sep 27 10:04:29 2006 EDT

NEW YORK, Sep 27, 2006 -- Stocks rose Wednesday
moring as investors shrugged off a lackluster durable goods report and a modest
increase in oil prices.

In the first hour of trading, the Dow Jones industrial average was up 23.45, or
0.20 percent, at 11,692.84, just over 30 points away from its record high close
of 11,722.98.

Broader stock indicators also turned positive. The Standard & Poor's 500 index
rose 1.73, or 0.13 percent, to 1,338.07, and the Nasdaq composite index advanced
3.85, or 0.17 percent, at 2,265.19.

The Commerce Department said orders to U.S. factories for large manufactured
goods fell for a second straight month in August, the first time in more than
two years there have been consecutive declines. Demand for durable goods dropped
0.5 percent last month to $209.7 billion.

Investors were also awaiting another Commerce Department report Wednesday
morning on August new home sales.

A barrel of light crude was quoted up 38 cents at $61.39 a barrel in pre-opening
trading on the New York Mercantile Exchange.

Bonds rose, with the yield on the benchmark 10-year Treasury note falling to
4.56 percent from 4.58 percent late Tuesday. The dollar was mixed against other
major currencies, while gold prices fell.

Good news for several Dow components could help the average, which has flirted
with its Jan. 14, 2000 closing high as investors have grown more confident in
the strength of the economy. The enthusiasm grew after the Federal Reserve has
signaled interest rates are in check for now and as oil prices have receded from
highs seen in recent months.