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| Dow Jones breaks through 12,000 | Dow Jones breaks through 12,000 |
| (about 3 hours later) | |
| The Dow Jones index of major US shares swept above the 12,000 level for the first time ever in early Wednesday trading in New York. | The Dow Jones index of major US shares swept above the 12,000 level for the first time ever in early Wednesday trading in New York. |
| The index went as high as 12,045, boosted by falling US inflation, oil and petrol prices and ongoing optimism about corporate earnings. | The index went as high as 12,045, boosted by falling US inflation, oil and petrol prices and ongoing optimism about corporate earnings. |
| With investor sentiment upbeat, the Dow has already set record closing highs seven times during the past two weeks. | With investor sentiment upbeat, the Dow has already set record closing highs seven times during the past two weeks. |
| The latest inflation data cuts the risk of a further rate rise in 2006. | The latest inflation data cuts the risk of a further rate rise in 2006. |
| 'Bullish euphoria' | 'Bullish euphoria' |
| The Dow, whose household name stocks include IBM, Microsoft and Wal-Mart, has now risen more than 350 points so far this month. | The Dow, whose household name stocks include IBM, Microsoft and Wal-Mart, has now risen more than 350 points so far this month. |
| I'm in the more negative camp and I see 10,000 more likely than 13,000 Trader Michael Panzner href="http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/stockmarket/2/default.stm" class="">Check the Dow Jones index | |
| It took the index seven and a half months to move from 11,000 to 12,000, having been knocked by the dot-com bust, recession and the the 2001 terror attacks in the previous five years. | |
| IBM was the biggest early riser on Wednesday, gaining 5.2% after it reported a 47% increase in quarterly profit. | IBM was the biggest early riser on Wednesday, gaining 5.2% after it reported a 47% increase in quarterly profit. |
| Analysts broadly welcomed the Dow hitting the 12,000 mark, but most were also cautious, saying the way forward was now as likely to be down. | Analysts broadly welcomed the Dow hitting the 12,000 mark, but most were also cautious, saying the way forward was now as likely to be down. |
| "Each new record creates a bit of momentum in its own right and adds to the bullish euphoria," said Michael Panzner, a trader with Collins Stewart. | "Each new record creates a bit of momentum in its own right and adds to the bullish euphoria," said Michael Panzner, a trader with Collins Stewart. |
| "[Yet] I'm in the more negative camp and I see 10,000 more likely than 13,000. | "[Yet] I'm in the more negative camp and I see 10,000 more likely than 13,000. |
| "There is already evidence on the corporate earnings that the picture is not as benign as people were anticipating." | "There is already evidence on the corporate earnings that the picture is not as benign as people were anticipating." |
| Mr Panzner pointed to weaker than expected results over night from Motorola, whose revenues fell short of market expectations. | Mr Panzner pointed to weaker than expected results over night from Motorola, whose revenues fell short of market expectations. |