The Dow Jones Industrial Average cracked the 10,000 barrier six times yesterday but pulled back each time, finishing a nail-biting trading session less than three points below the mark. The blue-chip index ended at 9,997.62, up 118.21 points on the day.
Broad market indices made substantial gains as well, indicating a broader and perhaps more durable advance in the market. But while the broader indices showed Wall Street had some muscle, advancing issues still barely edged out decliners on the New York Stock Exchange and volume was moderately heavy.
The immediate spark for yesterday's advance was a Labour Department report that consumer prices rose a tiny 0.1 per cent last month. That was a confirmation that inflation remains in check and a signal that the Federal Reserve is unlikely to raise short-term interest rates any time soon.
Traders also attributed the advance to today's triple expiration of futures and options contracts.
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