The Nasdaq composite index vaulted to its fourth consecutive new record yesterday, closing above 3,000 for the first time ever. New business alliances, strong profits and an improved outlook for interest rates combined to boost the technology stocks that dominate the Nasdaq.

On Wall Street, the Dow Jones industrial average rose 27.22, or 0.3 per cent, at 10,609.06. The technology-laden Nasdaq composite was up 46.88 at 3,028.51.

The Standard and Poor's 500 rose 7.19 to 1,354.93.

Advancing issues outnumbered decliners by a 9-to-8 margin on the New York Stock Exchange, with 1,695 up, 1,397 down and 479 unchanged.

NYSE volume totalled 900.89 million shares as of 4 pm against 898.28 million in the previous session. The Russell 2000 index of smaller companies rose 6.05 to 438.44.