Dow Sets New Mark for Closing High

New York (AP) -- It's another big step in the stock market's recovery from seven years of turmoil.

The Dow Jones Industrial Average closed today at the highest-ever end-of-the-day mark, about five points above the previous high close of 11,722.

And the blue-chips had been doing even better earlier in the day, trading higher than the previous trading high of 11,750, before slipping back.

The advance comes on the second day of falling oil prices.

But overall, the market remains choppy. An analyst says traditionally-defensive sectors like utilities and pharmaceuticals have been leading the market higher since its decline in May and June.

Doug Johnston of Adams Harkness in Boston warns that there could be a correction to the downside, after today's record-setting performance.

Copyright 2006 by the Associated Press. All rights reserved.