The Dow Jones Industrial Average broke the 12,000-point mark for the first time Wednesday, soaring to new highs on unexpectedly good corporate profits and tame inflation data, according to dpa. The blue-chip stock index of 30 top US companies gained almost 100 points in morning trading, nearly touching 12,050 before retreating to just below 12,000 by mid-day - still up from 11,950.02 at Wednesday's close. Intel Corp, the world's largest semiconductor maker, and computer giant International Business Machines Corp (IBM) paced the Dow after beating analysts' profit forecasts. US government data that showed a drop in US consumer prices last month and a stabilizing trend in home construction also aided Wall Street. The data bolstered investor confidence that corporate profits will stay strong even as the US economy slows to a more sustainable pace. The broader Standard & Poor's index was up 0.2 per cent at mid- day, having risen up to 0.7 per cent early on until higher oil prices weighed it down. The technology-heavy Nasdaq Composite was flat. Crude oil for November delivery rose 0.7 per cent to 59.34 per barrel in New York after the US government reported a drop in US petrol stocks.
