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Dow Jones breaks another record | Dow Jones breaks another record |
(about 5 hours later) | |
Mild inflation figures sent the Dow Jones Industrial Average more than 100 points higher, breaking through the 13,400 mark for the first time. | Mild inflation figures sent the Dow Jones Industrial Average more than 100 points higher, breaking through the 13,400 mark for the first time. |
US consumer prices rose 0.4% in April, which was less than expected, boosting hopes of a rate cut later this year. | US consumer prices rose 0.4% in April, which was less than expected, boosting hopes of a rate cut later this year. |
The Dow Jones set a new trading high of 13,481.6 before falling back to close up 0.28% or 37.1 points at 13,383.8, which was still a record close. | |
Sentiment was dampened by figures showing a deteriorating housing market. | |
The National Association of Homebuilders said its housing index fell from 33 to 30 in April, giving further evidence of the slowdown in the US housing market. | |
Among the biggest gainers was General Motors, which closed 4.4% higher after the brokerage Bear Stearns said that the Chrysler sale would make GM and Ford's restructuring easier. | |
Shares in Home Depot fell 1.8% after its profits came in worse than expected, hit by the slowing housing market. | |
Wal-Mart shares ended down 0.46% after its forecast for the second quarter came in at the lower end of expectations. |
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