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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.
Among the biggest gainers was General Motors after the brokerage Bear Stearns said that the Chrysler sale would make GM and Ford's restructuring easier. 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.
By 1650 BST the Dow Jones had was at 13,432.19 points, up by 0.64%. Sentiment was dampened by figures showing a deteriorating housing market.
The economic news helped offset some disappointing corporate results. 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.
Shares in Home Depot fell after its profits came in worse than expected, hit by the slowing 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.
Wal-Mart shares were also slightly lower after its forecast for the second quarter came in at the lower end of expectations. 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.