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Dow Jones closes at record high Dow Jones closes at record high
(about 2 hours later)
The Dow Jones index set a new all-time record, to close at its highest level in more than six years, as oil prices continued to fall. The Dow Jones index of major US shares has closed at an all-time record high, beating the previous record set in 2000, as oil prices continue to fall.
The stock index ended at 11,727.34, beating the closing record set in 2000. The Dow ended the day up 56.99 points at 11,727.34, having earlier also set a new intra-day record of 11,758.95.
Oil prices fell to their lowest level since February, on news of increased oil stocks and lower demand. The rise came after oil prices fell to their lowest level since February, on news of higher stocks and lower demand.
Economists say falling oil prices could boost buyer spending and buoy corporate profits. The record followed an intraday all-time high of 11,758.95. Economists say falling oil prices could boost consumer spending and buoy corporate profits.
The Dow Jones Industrial Average, an index of blue chip firms, has been hovering around its record close level of 11,722.98 recently, which occurred in January 2000. The Dow Jones index has recently been hovering around its previous record close level of 11,722.98, which it set in January 2000.
Correction warningCorrection warning
It is a psychological boost. As far as the market goes it is a pretty narrow gauge of the stock market Scott Wren, analyst with AG Edwards & SonsIt is a psychological boost. As far as the market goes it is a pretty narrow gauge of the stock market Scott Wren, analyst with AG Edwards & Sons
Despite the rise, analysts reactions remained tempered, warning that it remains far from clear which direction the US economy will head.Despite the rise, analysts reactions remained tempered, warning that it remains far from clear which direction the US economy will head.
"I think we break out to the all-time high, then we could get a blow-off correction off of that," said Doug Johnston of Adams Harkness."I think we break out to the all-time high, then we could get a blow-off correction off of that," said Doug Johnston of Adams Harkness.
Scott Wren, an analyst with AG Edwards & Sons echoed this: "It is a psychological boost. As far as the market goes it is a pretty narrow gauge of the stock market."Scott Wren, an analyst with AG Edwards & Sons echoed this: "It is a psychological boost. As far as the market goes it is a pretty narrow gauge of the stock market."
Lower petrol prices, coupled with greater confidence in the job sector, helped boost consumer confidence unexpectedly in September. Lower petrol prices, coupled with greater confidence in the job sector, helped to boost consumer confidence unexpectedly in September.
Light US crude oil settled at $58.68 a barrel, a fall of $2.35, continuing Monday's drop.Light US crude oil settled at $58.68 a barrel, a fall of $2.35, continuing Monday's drop.
Investors have welcomed the Federal Reserve's decision to freeze interest rates at 5.25% for two successive months.Investors have welcomed the Federal Reserve's decision to freeze interest rates at 5.25% for two successive months.
Some analysts say this is a sign that inflation is under control.Some analysts say this is a sign that inflation is under control.
When the index last hit its peak, the internet boom was in full swing. But the index later dropped to 7,286.27 in October 2002, before recovering. When the index last hit its peak, the internet boom was in full swing. But the index later dropped to 7,286.27 in October 2002 before recovering.