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Dow Jones hits yet another record | Dow Jones hits yet another record |
(about 3 hours later) | |
The Dow Jones, America's main share index has closed at yet another record high, lifted by strong consumer sales and takeovers in the aluminium sector. | The Dow Jones, America's main share index has closed at yet another record high, lifted by strong consumer sales and takeovers in the aluminium sector. |
Bouncing back from Wednesday's falls, investors were cheered by strong June trading figures from Wal-Mart and some of the other main retailers. | Bouncing back from Wednesday's falls, investors were cheered by strong June trading figures from Wal-Mart and some of the other main retailers. |
Further boosted by a rise in the shares of aluminium giant Alcoa, the Dow Jones ended up more than 2% to over 13,800. | Further boosted by a rise in the shares of aluminium giant Alcoa, the Dow Jones ended up more than 2% to over 13,800. |
The Dow has achieved a string of record closing highs this year. | The Dow has achieved a string of record closing highs this year. |
'Surprise figures' | |
Analysts said the upbeat June sales figures was enough to make investors at least temporarily forget the recent woes in the housing sector that saw shares fall sharply on Wednesday | Analysts said the upbeat June sales figures was enough to make investors at least temporarily forget the recent woes in the housing sector that saw shares fall sharply on Wednesday |
With weakness in the housing market...the biggest concern was that we were going to see bad numbers from the retailers Analyst Eric Kuby | |
Alcoa was the biggest riser on the Dow Jones, its shares adding 6.2% after its bid for Canadian rival Alcan appeared to have been trumped by a higher offer from Anglo-Australian group Rio Tinto. | Alcoa was the biggest riser on the Dow Jones, its shares adding 6.2% after its bid for Canadian rival Alcan appeared to have been trumped by a higher offer from Anglo-Australian group Rio Tinto. |
Analysts said losing out on Alcan could make Alcoa a takeover target itself. | Analysts said losing out on Alcan could make Alcoa a takeover target itself. |
"The surprise of the day is that the consumer is still spending at a healthy rate," said Eric Kuby, chief investment officer at North Star Investment Management | "The surprise of the day is that the consumer is still spending at a healthy rate," said Eric Kuby, chief investment officer at North Star Investment Management |
"With weakness in the housing market...the biggest concern was that we were going to see bad numbers from the retailers, but we're seeing the opposite." | "With weakness in the housing market...the biggest concern was that we were going to see bad numbers from the retailers, but we're seeing the opposite." |
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