Dow Jones at record on oil rises

The Dow Jones has hit over 20 records since early October

The Dow Jones index of major US shares has ended the day at an all-time record high, after a surge in oil prices.

The Dow closed up 30.05 points up at 12,471.32, having also reached a new intra-day record of 12,491.91.

The rise came after oil prices climbed, pushing Exxon Mobil shares higher, after speculation that stocks of US crude oil are down on shipping delays.

Tuesday's new peak comes after the Dow Jones has hit over 20 records since the beginning of October.

Shares in Exxon Mobil were 2% higher on the New York Stock Exchange after crude oil gained nearly a dollar per barrel to reach $63.15.

Figures on US oil inventories are set to be released on Wednesday.

Growth

Tuesday's rise countered earlier figures that had shown wholesale prices rose more than expected in November - at 2% - their highest climb in three decades.

But analysts said the Labor Department figures simply countered a drop in the previous month and that overall it was not a cause for worry.

"People are positive that growth is fine and inflation is going to be under control," said Neil Massa, a senior trader with John Hancock Funds.

The Standard & Poor 500 index added 3.07 to close at 1,425.55, but the Nasdaq ended lower, falling 6.02 points to end at 2,429.55, prompted by disappointing sales from Oracle.

Until October, the Dow's highest closing level was 11,722.98, which it reached in January 2000.