Investors ignore economic reports

US stocks edged higher after investors set aside a pair of weak reports on the economy.

The Dow Jones closed up 49 points
The Dow Jones closed up 49 points

The government reported that the US economy shrank at annual rate of 2.9% in the first three months of the year and that orders for long-lasting goods sank 1% in May.

CBS and other broadcasters rose after winning a closely watched copyright case in the Supreme Court against a start-up Internet company.

The Dow Jones industrial average rose 49 points, or 0.3%, to close at 16,867.

The Standard & Poor's 500 index rose nine points, or 0.5%, to 1,959. The Nasdaq composite rose 29 points, or 0.7%, to 4,379.

Bond prices rose. The yield on the 10-year U.S. Treasury note fell to 2.56%.