NEW YORK (Reuters) U.S. stocks fell on Wednesday after weak durable goods figures and a downbeat assessment of the economy from the Feds Beige Book kept the benchmark Squot;In the short run technicals are dominating daily movements here until we get a fundamental (piece of news) to knock us off that, said Jim Paulsen, chief investment officer at Wells Capital Management.

Boeing Co (BA.N) disappointed investors after it forecast full-year earnings slightly below estimates. The plane makers shares fell 1.9 percent to 67.32.

The U.S. Federal Reserves Beige Book, a summary of national economic conditions, added to the disappointment. It indicated activity was not as robust in a few districts and had lost steam over the past several weeks.

With the nice rally that we had, it looks like some profit-takers are starting to take charge here and the Beige Book sparked it, said Ryan Detrick, senior technical strategist at Schaeffers Investment Research in Cincinnati, Ohio.

Earnings have been good, but the overall economy is still sluggish at best and is not coming back as much as we would have hoped, he said.

The S#39;s 200-day moving average is currently around 1,114. Investors are struggling to either define it as the top of a recent rally or a consolidation point leading to further gains.

Paulsen said holding above 1,100 could set the S Poors 500 Index (.SPX) dropped 7.72 points, or 0.69 percent, to 1,106.12. The Nasdaq Composite Index (.IXIC) dropped 23.69 points, or 1.04 percent, to 2,264.56.

With 49 percent of S#36;61.80 while ConocoPhillips ended unchanged at 54.44.

Homebuilders fell sharply a day after Meritage Homes Corp (MTH.N) reported a 22 percent sales decline following the expiration of a federal homebuyer tax credit.

Meritage dipped 6.3 percent to 16.84, and the PHLX Housing Index (.HGX) fell 3 percent.

New orders for long-lasting U.S. manufactured goods unexpectedly fell for a second straight month in June, posting their largest decline since August, a reminder of the challenges faced by the economy.

About 7.11 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, short of last years estimated daily average of 9.65 billion.

Declining stocks outnumbered advancing ones on the NYSE by a ratio of over 2 to 1, while on the Nasdaq, about five stocks fell for every two that rose.

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