Dow Sets Record But Misses 16000
The Dow Jones Industrial Average pierced the 16000 mark but failed to finish above that level as investors paused to weigh the stock market's recent sharp gains.</br></br>The blue-chip index closed up 14.32 points, or 0.1%, at 15976.02, after rising as high as 16030.28 in intraday trading. The Dow still ended at a record and has risen in six of the last seven sessions.</br></br>The S&P 500 index was off 6.65 points, or 0.4%, at 1791.53, reversing an intraday gain that sent the index above 1802. The Nasdaq Composite Index declined 36.90 points, or 0.9%, to 3949.07.</br></br>Stocks spent the bulk of the session in positive territory before shedding much of their gains in the final hour of trading. Traders attributed the move to comments by billionaire investor Carl Icahn, who told a conference sponsored by Reuters that he was "very cautious" on the stock market and could see a "big drop" because earnings at many companies have been juiced by low borrowing costs rather than strong management, according to the news agency.</br></br>Traders said the remarks were enough to shake investor sentiment on a day when trading volumes were thin and few other headlines were driving the market.