Dow Jones at all-time high

The blue-chip Dow Jones industrial Average Index has surpassed the record close of 11,723 reached in January 2000, amid mixed economic news and lower oil prices. The earlier peak had been reached in 2000 at the height of the tech bubble.

While crude has fallen below $62 a barrel (over 2% decline), the widely tracked ISM Manufacturing Index, a key indicator of national industrial activity, showed a weaker-than-expected reading. The Manufacturing Index posting a reading of 52.9 still reflected steady overall growth. Meanwhile, a government report on construction showed a surprise rise in construction spending and a realtors’ report on home re-sales suggested that the slowdown in housing would be gradual. Lower oil prices and a cooling economy ease the inflation concerns and provide more flexibility to the Fed.