BLUE-CHIP stocks stormed ahead yesterday, pushing the Dow Jones industrial average to a record close with the help of strong gains in high technology shares.
The Dow index ended up 42.27 points at 5,642.42, eclipsing its old record of 5,630.49 set on February 23rd. In the broader market, advancing issues led declines 1,209 to 1,123 on active volume of 435 million shares on the New York Stock Exchange.
Analysts said Wall Street was encouraged by signs of a slowly rebounding economy that may help corporate profits.
The market was encouraged by data that suggested a more resilient manufacturing sector.
The Commerce Department reported a surprising 0.5 per cent pickup in January orders to a seasonally adjusted $311.1 billion. The report fanned speculation the Federal Reserve may be less likely to cut interest rates later this month.
