Record close for New York shares

The Dow Jones has not closed above 14,000 since mid-July

New York's leading shares have broken their record closing level after economic data made an interest rate cut more likely.

The rises came after a report showed that manufacturing grew at its slowest pace for six months in September.

The Federal Reserve's next rate-setting meeting is on 30-31 October.

The Dow Jones Industrial Average closed up 1.38% or 191.92 points at 14,087.55 - the first climb above 14,000 since mid-July.

Shares in banks were boosted by the perception that the worst of the summer's credit problems may be over.

Both Citigroup and UBS gave indications of the amount that the upheaval in credit markets had cost them in the past three months, but were confident that business was now returning to normal.

There was also a technical effect on trading from the start of the new financial quarter.

Many options expired on Friday, leaving traders free to set up new positions.

The technology-based Nasdaq rose 39.49 points or 1.46% higher at 2,740.99.

The S&P 500 index rose 20.28 points or 1.32% to 1,547.03.