Dow Jones hits historical record high, market set to level off

Dow Jones hits historical record high, market set to level off
# 25 January 2007 10:46 (UTC +04:00)
World markets moved into a rally after bottoming out. The Dow Jones industrial average rose 87.97 points, or 0.7 percent, to 12,621.77, passing a record close of 12,582.59 set Jan. 16. It was the Dow’s 26th record close since the surge began at the start of October.
The broader Standard & Poor’s 500 index added 12.14 points, or 0.85%, to 1,440.13. The tech-heavy Nasdaq composite climbed 34.87 points, or 1.43%, to 2,466.28, its biggest gain since Dec. 4.
Yahoo shares were up 7.3% to $28.94 and posted their largest one-day percentage gain since April 2004. The move suggested investors were warming to the company. Wireless Cingular reported its profit nearly quadrupled as customer growth beat Wall Street estimates, lifting AT&T’s shares almost 4.3%.
European markets moved into positive territory Thursday morning tracking a higher close on Wall Street overnight. Trading for the day will be impacted by more corporate results as well as the IFO business climate report for Germany, the regions largest economy.
As markets opened for trading on Thursday, the UK’s FTSE 100 moved up 0.22%, while France’s CAC 40 rose 0.18%. European markets rose to six-month highs on Wednesday, as firmer metals and power prices triggered a rally among the mining and utility stocks. The U.K.’s FTSE 100 index climbed 1.4% to 6,314.80, while France’s CAC 40 index surged up 1.13% to 5,638.08 and Germany’s DAX index rose 1.04% to 6,748.37. /APA/
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