NEW YORK (CNNMoney.com) -- Stocks rose Wednesday morning, pushing the Dow Jones industrial average within a whisper of its all-time closing high of January 2000.

But the market's gains were limited by a surprise drop in durable goods orders, a mixed read on housing and some jitters as the the world's most widely watched stock market gauge approached the record.

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The 30-share Dow (up 40.66 to 11,710.05, Charts) was up about 0.3 percent about 2-1/2 hours into the session, though earlier it came within a few points of its record closing high of 11,722.98, hit on Jan. 14, 2000.

A surprisingly strong consumer confidence report gave stocks a leg up Tuesday, putting the Dow about 53 points from its all-time closing high, hit near the tail end of the Internet boom of the late 1990s.

After tumbling through mid-summer, stocks have been moving higher on and off in recent weeks, driven by hopes that falling oil prices and slower economic growth mean the nation is not heading for a recession, but a "soft landing."

A surprisingly weak read on August durable goods orders Wednesday initially seemed to challenge those bets, as it suggested that perhaps the economy is slowing more than expected.

However, after a dip at the open Wednesday, stocks again moved higher.

The broader S&P 500 (up 2.68 to 1,339.02, Charts) edged higher after ending the previous session at its best point since February 2001. The Nasdaq composite (up 7.79 to 2,269.13, Charts) also crept up.

Investors also took in a report that showed new home sales rose in August from July's revised numbers. But the median price of a new home dipped from a year earlier, due to an oversupply of new homes, further signs of the slowdown hitting the housing market.

Stock gains were fairly broad-based, with 20 out of 30 Dow stocks rising, led by Intel (up $0.55 to $20.51, Charts), McDonald's (up $0.82 to $39.88, Charts), General Motors (up $0.73 to $32.14, Charts) and General Electric (up $0.04 to $35.48, Charts).

U.S. light crude oil for November delivery fell 6 cents to $60.95 a barrel on the New York Mercantile Exchange, giving back earlier gains after a surprisingly strong gain in inventories.

COMEX gold for December delivery rose $3.40 to $600.50 an ounce.

Treasury prices edged lower, pushing the yield on the benchmark 10-year note up to 4.59 percent from 4.58 percent Tuesday. Bond prices and yields move in opposite directions.

In currency trading, the dollar gained modestly versus the yen but edged lower against the euro.

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