Around the World's Markets: New York

THE DOW JONES was on course for another record close yesterday, trading just below the 11,000 level by lunchtime. The index set a new intraday high of 10,924 soon after the market opened, but fell back to 10,886 - up 40 points - by midday.

A benign wage inflation report showed US labour costs rising at their slowest rate on record. The employment cost index rose 0.4 per cent in the first quarter of the year, down from 0.7 per cent in the previous quarter.