Around the World's Markets: New York

THE DOW briefly broke through the 10,900 barrier to set a new intra-day record, with cyclical stocks again finding favour. At lunchtime, the Dow was up 52 points at 10,885, having been as high as 10,900.72 earlier. Among the cyclical climbers were Caterpillar and Alcoa, the world's biggest producer of aluminium.

The wider S&P 500 index was trading marginally lower after McKesson HBOC, the largest US drug wholesaler, restated its earnings, saying it recorded software sales incorrectly.