The Dow Jones industrial average (INDU) lost a few points in the early going. The S&P 500 (SPX) index lost 3 points, or 0.3%. The Nasdaq composite (COMP) lost 9 points, or 0.5%.

"We're in the face of a market that seems to be ignoring good news," said Art Hogan, chief market strategist at Jefferies & Co., noting that earlier this week the markets "shrugged off" positive reports on new and existing home sales, as well as durable goods orders.

"I think we're running out of steam here," he said. "I think that's been reflected in overall volume and the market news."

U.S. stocks nudged higher Wednesday after upbeat reports on housing and durables goods. The Dow advanced just four points, but that was its seventh consecutive session of gains. The Dow closed at its highest point since November. The S&P 500 and Nasdaq composite ended at their highest levels since October.

Economy: The Labor Department released its weekly report on jobless claims, showing a modest decline to 570,000 claims in the week ended Aug. 22. This is slightly higher than the 565,000 claims that were projected by a consensus of economists surveyed by Briefing.com. It is lower than the revised tally of 580,000 for the prior week.

The Commerce Department provided a revised reading on second-quarter gross domestic product that showed a 1% decline, which is unchanged from the prior reading. This reading is not as bad as the expected 1.5% decline, according to a consensus of economist forecast from Briefing.com. This is nowhere near as sharp as the 6.4% decline reported in the first quarter.

Companies: Airplane manufacturer Boeing (BA, Fortune 500) said it would take a non-cash charge of $2.5 billion, or $2.21 per share, in the third quarter, related to its initial flight-test models of the 787 Dreamliner. The company said it expects the first commercial flight to occur at the end of 2009.

Shares rallied 8% in morning trading.

Stocks to watch also includes luxury homebuilder Toll Brothers (TOL), which posted quarterly financial results that were worse than expected. Toll reported a net loss of $472 million, or $2.93 per share, compared to a net loss of $29 million, or 18 cents, a year ago. Toll was expected to have lost $1.79 per share after losing 18 cents one year earlier. Shares fell 1.5%.

Microsoft (MSFT, Fortune 500) is cutting the price of its high-end Xbox 360 model by $100 to match the price of rival Sony's (SNE) PlayStation 3.

World markets: In Asia, stocks slipped, with Japan's Nikkei shedding about 1.6%. Stocks in Europe were lower in afternoon trading.

Money and oil: The dollar rose against the euro and the yen, but slipped versus the British pound. The price of oil fell $1.01 to $70.42 a barrel.

NEW YORK (CNNMoney.com) -- Stocks struggled Wednesday, as investors welcomed positive reports on housing and durables goods, but remained on the sidelines after pushing the market to 2009 highs in the previous session.

The Dow Jones industrial average (INDU) added 4 points or less than 0.1%, still managing to close at its highest point since Nov. 4.

The S&P 500 (SPX) index ended just above unchanged, squeaking out its highest close since Oct. 6. The Nasdaq composite (COMP) also ended just above unchanged, ending at its highest point since Oct. 1.

The Dow has now gained for seven consecutive sessions, topping off a strong summer rally.

After such a run, stocks were vulnerable to some choppiness Wednesday, despite the encouraging reading on new home sales.

"This was a very positive report for the housing market," said Jane Caron, chief economic strategist at Dwight Asset Management. "It confirms that housing has turned the corner."

She said that a bottoming in housing is one of the reasons she is expecting solid third-quarter GDP growth. Growth will also be driven by inventory rebuilding across many sectors, she said, and a rebound in auto production in the aftermath of the government's Cash for Clunkers stimulus program.

Stocks have been more or less on the rise since bottoming in March. After hitting a more than 12-year low on March 9, the S&P 500 has risen 52%. The only notable pullback was a 7% slide in the run up to the start of the second-quarter earnings period.

Thursday preview: A revised reading on GDP in the last quarter is due before the start of trading. The weekly jobless claims report is also on tap.

Second-quarter gross domestic product growth (GDP) is expected to have contracted at a 1.5% annualized rate, according to a consensus of economists surveyed by Briefing.com. That would be steeper than the initially reported 1% rate, but not as sharp as the 6.4% decline reported in the first quarter. The Commerce Department released the GDP report.

The number of Americans filing new claims for unemployment is expected to have risen to 580,000 from 576,000 in the previous week. The Labor Department releases the jobs report.

Toll Brothers (TOL) reports quarterly results in the morning. The luxury homebuilder is expected to have lost $1.79 per share after losing 18 cents one year earlier.

After the close, tech bellwether Dell (DELL, Fortune 500) reports results. Dell is expected to have earned 23 cents per share versus 31 cents a year ago, according to Thomson Reuters estimates.

Housing: July new home sales rose to a 433,000 unit annualized rate from a revised 395,000 unit rate in June. Economists surveyed by Briefing.com forecast sales at a 390,000 unit annual rate.

On Tuesday, an S&P/CaseShiller report showed that home prices rose 2.9% in the second quarter versus the first, the first quarterly rise in three years.

Also on Tuesday, reports showed consumer confidence and housing are starting to recover -- and President Obama nominated Ben Bernanke for a second term as chairman of the Federal Reserve.

Durable goods orders: Orders for goods meant to last three years or longer rose more than expected in July. According to a Commerce Department report released Wednesday morning, durables rose 4.9% after falling a revised 1.3% in June. Economists thought orders would rise 3.2%.

Oil prices: Light crude oil prices for October delivery fell 62 cents to settle at $71.43 a barrel on the New York Mercantile Exchange. Prices fell after a government report showed crude supplies rose less than expected last week, while gas and distillates - used in heating oil - rose more than expected.

On the move: Vonage Holdings (VG) jumped 36% in unusually active New York Stock Exchange trade, building on its recent gain. The provider of VoIP - Internet based calling - has seen its stock bounce over 300% in the last week on speculation that the company can stay afloat, despite weaker revenue and subscriber growth.

Human Genome (HGSI) also moved on unusually high volume on speculation that the company could be bought out by GlaxoSmithKline, its partner on several drugs, according to published reports.

Market breadth was mixed. On the New York Stock Exchange, losers topped winners by a narrow margin on volume of 1.05 billion shares. On the Nasdaq, advancers beat decliners seven to six on volume of 2.08 billion shares.

World markets: European markets tumbled in afternoon trading, while Asian markets mostly ended higher, with the Japanese Nikkei rising 1.4%.

0:00 /5:31Bernanke's greatest hits

Bonds: Treasury prices were little changed, with the yield on the benchmark 10-year note ending at 3.43%. Treasury prices and yields move in opposite directions.

Treasury sold $42 billion of 2-year notes Tuesday and is planning to sell $39 billion of five-year notes Wednesday and $28 billion of 7-year notes Thursday.

Other markets: COMEX gold for December delivery fell 20 cents to settle at $945.80 an ounce.

In currency trading, the dollar rose versus the euro and fell versus the Japanese yen.

LONDON (CNNMoney.com) -- U.S. stocks were set for a mild open Wednesday as investors attempted to muster momentum to extend the recent rally.

At 4:41 a.m. ET, the Dow Jones industrial average, Nasdaq 100 and Standard & Poor's 500 futures were little changed.

Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins.

Wall Street scaled new 2009 peaks Tuesday after reports showed that consumer confidence and home prices are starting to recover.

Economy: A report on orders for durable goods -- big-ticket items meant to last three years or longer -- is due out at 8:30 a.m. ET. July durable goods orders are expected to have risen 3.2% after falling 2.5% in June.

At 10 a.m. ET, a report on new home sales comes out. The report comes a day after an S&P/Case-Shiller report showed that home prices rose 2.9% in the second quarter versus the first quarter.

World markets: In Asia, stocks finished in positive territory. Japan's Nikkei added 1.4% while the Hang Seng in Hong Kong edged higher. Stocks in Europe were higher in morning trading.

Oil: Crude prices edged above $72 a barrel in electronic trading, ahead of the U.S. Energy Department's weekly report on fuel inventories. That report is due out at 10:30 a.m. ET.

NEW YORK (CNNMoney.com) -- Stocks gained Tuesday, extending the recent rally, after reports showed that consumer confidence and home prices are starting to recover.

News that President Obama is nominating Federal Reserve chief Ben Bernanke for a second term in office added to the positive sentiment.

The Dow Jones industrial average (INDU) added 30 points, or 0.3% and closed at its highest point since Nov. 4. The S&P 500 (SPX) index gained 2 points, or 0.2% and closed at its highest point since Nov. 6. The Nasdaq composite (COMP) rose 6 points, or 0.3% and the highest close since Oct. 1.

Stocks slipped Monday as investors took a step back after pushing the major gauges to new 2009 highs Friday. But after Monday's brief hiccup, stocks resumed their advance Tuesday.

Stock gains were pretty broad based, with 21 of 30 Dow stocks rising, led by Boeing (BA, Fortune 500), JPMorgan Chase (JPM, Fortune 500), United Technologies (UTX, Fortune 500) and Travelers Companies (TRV, Fortune 500).

But falling oil prices cut into any stock gains, dragging down the influential energy sector. Dow components Exxon Mobil (XOM, Fortune 500) and Chevron (CVX, Fortune 500) declined and the Amex Oil (XOI) index was off 1%.

Since bottoming at a 12 1/2 year low on March 9, the S&P 500 is up 52% as of Tuesday's close. The pace and breadth of the run up has left many Wall Streeters calling for a big selloff in September and October. But so far, there has been no indication of that.

"Generally, the market keeps moving higher even though so-called experts are saying it's overbought," said Terry Morris, senior equity manager, National Penn Investors Trust. "It's surprisingly strong. Maybe we have turned a corner."

Wednesday preview: Wednesday brings reports on new home sales and durable goods orders, both from the Commerce Department.

New home sales are expected to have risen to a 390,000 unit annualized rate in July from a 384,000 unit annualized rate in June, according to Briefing.com forecasts.

July durable goods orders are expected to have risen 3.2% after falling 2.5% in June. Orders excluding transportation are expected to have risen 1% after rising 1.1% in June.

The weekly crude oil inventories report from the Energy Information Administration is also due in mid morning.

Consumer confidence: Stocks hit the highs of the day just after the 10 a.m. ET release of the August Consumer Confidence index. The index rose to 54.1, surprising economists who thought it would rise to 47.9. The index stood at a revised 47.4 in July.

While the report was significant, it doesn't often correlate to what the consumer ends up doing, said Kim Caughey, senior equity analyst at Fort Pitt Capital Group.

"Unemployment is continuing to rise, and that's going to keep the consumer out for the time being," Caughey said. She said inventory rebuilding on the part of corporations will help support the economy in the short term, rather than a rise in consumer spending.

She said the Bernanke announcement was more notable.

Fed: President Obama nominated Ben Bernanke to chair the Federal Reserve for a second term, announcing the reappointment months ahead of the expiration of Bernanke's current term.

The reappointment is expected to receive the approval of the Senate.

"There was a bit of uncertainty around Bernanke's reappointment and the fact that the announcement was made today is driving the gains," Caughey said.

Housing: Home prices rose 2.9% in the second-quarter versus the first quarter, according to an S&P/Case-Shiller report. That's the first quarterly rise in prices in three years and could signal that the housing market has bottomed.

The 20-city index declined 15.4% in June versus a year ago, but that was shy of forecasts for a drop of 16.4% versus a year ago.

Budget: The White House released its deficit and economic forecast. It predicts a federal budget deficit of $9 trillion over the next decade and a deficit of $1.58 trillion in 2009. The $9 trillion is $2 trillion more than what the administration had forecast previously.

The Congressional Budget Office (CBO) released its own forecast shortly after the Obama administration. The CBO said the 2009 deficit will total $1.6 trillion.

World markets: European markets rallied, while Asian markets slid, with the Japanese Nikkei losing 0.7%.

Oil: U.S. light crude oil for October delivery fell $2.32 to settle at $72.05 a barrel on the New York Mercantile Exchange, after touching a new 10-month high in the morning.

Bonds: Treasury prices inched higher, lowering the corresponding yields, following a positive response to the first of three government debt auctions this week. The rise in prices lowered the yield on the benchmark 10-year note to 3.44% from 3.47% Friday. Treasury prices and yields move in opposite directions.

Treasury sold $42 billion of 2-year notes Tuesday and is planning to sell $39 billion of five-year notes Wednesday and $28 billion of 7-year notes Thursday.

Other markets: COMEX gold for December delivery rose $2.30 to settle at $946 an ounce.

In currency trading, the dollar rose versus the euro and gained versus the Japanese yen.

Market breadth was positive. On the New York Stock Exchange, winners topped losers three to two on volume of 1.14 billion shares. On the Nasdaq, advancers beat decliners seven to six on volume of 1.95 billion shares.

NEW YORK (CNNMoney.com) -- U.S. stocks were set for a modestly positive open Tuesday as investors eyed a drop in overseas markets and braced for a wave of economic reports.

At 8:40 a.m. ET, the Dow Jones industrial average, Nasdaq 100 and Standard & Poor's 500 futures were a shade higher.

Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins.

This follows a cautious session on Monday, when trading lost wind toward the end of the day.

Fed: President Obama is expected to nominate Ben Bernanke to a second term as head of the Federal Reserve, a senior administration official told CNN. Obama is expected to make the announcement on Tuesday morning from Martha's Vineyard, Mass., where he is vacationing.

"I don't think the Bernanke news is that much of a market-mover, though I think it's good news and I think the markets like it," said Robert Brusca, chief economist at Fact and Opinion Economics. "If [Obama] did not appoint [Bernanke], then that would be a big shock."

Economy: The Case-Shiller home quarterly prices report comes out shortly before U.S. markets open. That's followed by a government reading on consumer confidence at 10 a.m. ET.

The White House is due to release its deficit and economic forecast at 9:30 a.m. ET. The Congressional Budget Office will issue its own briefing on the economy and budget shortly after at 10 a.m. ET.

World markets: After a strong start to the week, global markets slipped. In Asia, Japan's Nikkei lost about 0.8%. China shares tumbled nearly 3%. In Europe, major markets were modestly lower in morning trading.

Money and oil: The dollar slipped versus the euro and the yen but rose against the British pound. The price of oil edged up 2 cents a barrel to $74.39.