Dow closes at another record high, as European shares drop

The Dow closed modestly higher at another record today as investors bet that favourable market conditions would continue, though the gains were slight on concerns the rally may run out of steam in the short term.

The Dow Jones industrial average rose 42.47 points, or 0.30 percent, to finish at 14,296.24. The Standard & Poor's 500 Index advanced 1.67 points, or 0.11 percent, to finish at 1,541.46. But the Nasdaq Composite Index dipped 1.77 points, or 0.05 percent, to close at 3,222.36.

European shares fell today as investors booked profits on a rally that had sent several markets to multi-year highs, with weakness in the mining sector after metals prices declined also weighing on equities.

The pan-European FTSEurofirst 300 index closed down 0.3 percent at 1,185.95 points, falling back after at one stage rising by 0.4 percent to a 4-1/2 year intraday high of 1,193.35 points.

The euro zone's blue-chip Euro STOXX 50 index also retreated 0.1 percent to 2,679.89 points.

The Nikkei share average scaled a new 4-1/2 year high, within sight of the 12,000 mark, helped by a record closing on Wall Street and prospects of a reflationary policy in Japan to revive growth.

The Nikkei ended 2.1 percent higher at 11,932.27, its highest closing level since late September 2008, shrugging off gains in the yen.