Stocks edged higher yesterday led by big-name technology and aerospace issues, as data indicating the US economy may be slowing eased fears that inflation could accelerate amid the recent rise in crude oil prices.

The government reported a larger-than-expected drop in durable goods orders for July, while jobless claims ticked higher last week. The figures are seen as a further indication to the Federal Reserve that it does not need to hike interest rates further.

Among the biggest contributors to the Dow's advance was aircraft manufacturing giant Boeing, which rose $3.06 to $53.63 (€58.43). Among the technology leaders to surge were IBM and Hewlett-Packard.