Dow sets new closing record at 12,803.8

The Dow Jones Industrial Average rallied to set an all-time record closing price of 12,803.8 today. From BBC News:

America’s leading share index, it finished Wednesday up 31 points to 12,803.8, beating the previous record close of 12,786.6 set on 20 February.

JP Morgan Chase was one of the biggest risers on the Dow after it unveiled a 55% increase in three-month profits.

Aircraft-maker Boeing also rose strongly on a big South Korean order.

Read the whole report at the link above. And, as I’ve been saying for some time:

Analysts said the markets had reacted so positively, as the bank’s strong results indicated that ongoing weakness in the US sub-prime mortgage market would not impact on the big financial houses as much as some had feared.

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