Reports of a slowing economy and strong corporate profit growth yesterday a wave of buying on US markets that briefly pushed all three major market averages into record territory. But in a highly volatile session, only the Nasdaq composite index closed with a new record. On Wall Street, the Dow Jones industrial average rose 12.54, or 0.1 per cent, to close at 11,257.43. In earlier trading, the Dow rose as much as 138 points.

Broader stock indicators were also higher. The Nasdaq composite index topped Thursday's record close to secure its 25th new high since October 29th. The index is now up more than 70 per cent. The Standard and Poor's 500 rose to 1,421.03, up 2.25, and the Nasdaq composite index rose 38 to 3,753.06.