Dow continues upward march, sets another record

Washington - The Dow Jones Industrial Average rose to a new closing high Wednesday for the second session in a row, after a positive employment report and a statement from the Federal Reserve that the US economy is growing.

The combined share prices of the 30 companies in the Dow industrials rose 42.47 points, or 0.3 per cent, to a record of 14,296.24.

The Standard & Poor’s 500 Index increased 0.1 per cent to 1,541.46 at the close of trading in New York. The technology-heavy Nasdaq closed down 1.77 points to 3,222.37, a drop of 0.05 per cent.

The Federal Reserve said the US economy grew at a modest to moderate pace across most of the country amid rising consumer demand for homes and autos. Investors reacted to a private report showing companies took on more workers than expected.

The positive employment report, issued by ADP Research Institute, was based on payroll data. It showed companies added 198,000 workers in February. The increase in employment followed a revised 215,000 gain the prior month.

The US Labour Department is due to issue its February employment data on Friday.//DPA