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Dow Jones index passes all-time high

india Updated: Sep 29, 2006 00:44 IST
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The Dow Jones Industrial Average briefly rose above its all-time high on Thursday morning as a slowdown in US second-quarter growth buoyed investors' hopes that the US Federal Reserve could lower interest rates.

The Dow hit 11,724,86 points before retreating back below the mark of 11,722.98 points set on Jan 14, 2000.

US stocks have been climbing all week amid signs of a rebound in US sales of new homes and a continuing slide in oil prices.

US economic growth slowed to a 2.6-per cent pace in the second quarter—worse than first believed—as consumer spending and homebuilding slumped, government data showed on Thursday.

The Dow was up 0.14 per cent to 11,673.07 in the afternoon trading.