U.S. stocks close higher, paced by energy and financial shares

Date: Wed, 27 Aug 2008 17:04:19 -0400
U.S. stocks close higher, paced by energy and financial shares

U.S. stocks climb higher as investors applaud a July rise in orders for
U.S. durable goods, with a spike in the price of crude viewed as a
temporary reaction to hurricane conditions in the Gulf of Mexico.

Economic Report: Durable goods orders rise surprising 1.3%

Signaling that some businesses have still been spending despite market
turmoil, government data show a surge of 1.3% in new orders for
U.S.-made durable goods during July.

Oil closes above $118 on storm jitters as U.S. supplies fall

Crude-oil futures extend their gains Wednesday, getting support in part
from continuing worries that Tropical Storm Gustav may damage oil
infrastructure in the Gulf of Mexico. Natural gas again rallies.

The Fed: Worst of inflation will soon be behind us: Lockhart

The president of the Federal Reserve Bank of Atlanta comes down squarely
on the side of Fed chief Ben Bernanke, who has argued that inflationary
pressures should ease in coming months.

Clinton, Biden to take Democrats' stage Wednesday

Bill Clinton and Sen. Joe Biden are set to grab the spotlight at the
Democratic National Convention Wednesday evening, with eyes focused on
the former president to see if he matches the rousing endorsement given
by Sen. Hillary Clinton to Sen. Barack Obama and his running-mate Biden.