Stocks ended mixed Wednesday after investors weighed a report showing August durable goods orders rose more than expected against a jump in oil prices that briefly sent crude futures above $67 per barrel, stirring economic worries.
The Dow Jones Industrial Average rose 16.88, or 0.2 percent, to 10,473.09. The Standard & Poor's 500 Index added 1.23, or 0.1 percent, to 1,216.89. The Nasdaq Composite Index lost 1.02, or 0.1 percent, to 2,115.40.
The Commerce Department said that new orders for durable goods rose in August at the fastest pace in three months, jumping 3.3 percent after falling by 5.3 percent in July. The rise beat analysts' forecast of a 0.8 percent advance.
And oil prices surged $1.28 to settle at $66.35 a barrel on the New York Mercantile Exchange after a U.S. petroleum inventory report showed a dip in crude and distillate stocks and a sharp rise in gasoline stocks.
Among local companies, shares of Ameron International Corp. gained 3.5 percent to close at $46.01 after the Pasadena-based engineered products manufacturer named Gary Wagner as its executive vice president and chief operating officer, effective immediately. Wagner joined the company in 1985 and has been CFO since November 1993. He also has been responsible for joint venture companies since 2004.
Ducommun Inc. rose 3.5 percent to $22.10 after the Carson-based aerospace industry components producer said it won a $38 million contract from Raytheon Space and Airborne Systems to manufacture racks and enclosures for the company's Active Electronically Scanned Array radar system. Ducommun said it would perform the work through 2008 at its Phoenix facility.
Reinhold Industries Inc. fell for a second day, losing 7.1 percent to $19.45 after the Santa Fe Springs-based maker of rocket components said it agreed to sell its U.K. military-equipment manufacturer NP Aerospace Ltd. to the Carlyle Group for $53.4 million in cash. Reinhold also said its board is reviewing its dividend policy.
For reprint and licensing requests for this article, CLICK HERE.