The Dow Jones industrial average closed above 8,500 for the first time last night, to highlight another record-setting day, but stocks were mixed as investors grew wary of pricey conditions.
The Dow rose 55.05 points - or 0.65 per cent - to 8,545.72, finishing at a record high for the third day in a row and extending its 1998 gain to more than 8 per cent.
The Standard and Poor's 500 and the New York Stock Exchange composite index also set new highs, but lagged the Dow's advance, while the Nasdaq composite index pulled back after closing at record highs for two days.
Stocks were weighed down at the open as long-term interest rates rose above 6 per cent for the first time since mid-December in the bond market. As long-term rates eased back under 6 per cent, stocks turned higher, but much of the buying was restricted to the blue-chip sector.
Advancing issues outnumbered decliners by an 8-to-7 margin on the New York Stock Exchange.
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