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Dow Jones finishes above 13,000 for first time ever

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26/04/2007

The Dow Jones index of top US shares has closed above the 13,000 mark for the first time in its history, propelled by strong company results.

The index ended the trading day at 13,089.08, up 135.4 points, and gaining 1% on the day. These gains followed three record closing highs in succession last week as investors were buoyed by the powerful corporate performances.

For example, Pepsi’s latest profits were up 16%, while aircraft manufacturer and engineer Boeing recorded a 27% increase.

“The old adage that if American sneezes then the world catches a cold just emphasises how important the world’s largest economy is in the scale of things,” said City analyst Colin Perry.

“Here, though, the good news should ripple out and around the other stock markets across the world, including the UK.”

He continued: “But despite this tremendous achievement, I still see problems centred around possible upheaval in the Middle East, a possible terrorist attack on a major Western city and the ongoing weaknesses in the US housing sector.”

Many observers agreed that the 13,000 level has no real meaning, but represents a hurdle in the sentiment felt by investors. The current sentiment is positive, although one trader said “the only way now is down”.

 

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