31 May 2014

Dow Jones hits a new high

1:14 pm on 31 May 2014

Share markets in the United States have risen to a record high.

The Dow Jones industrial average rose 18 points, or 0.1 percent to 16,717, a new record high, while the Nasdaq was up 0.4 percent.

It's the fourth month in a row that US share prices have gained in value.

The rise came despite figures on Thursday showing the American economy shrank by 1 percent in the first three months of this year.

Technology groups Intel and Microsoft led the way up, both rising about 1.5 percent.

Outside the main index, shares in Lions Gate Entertainment slumped 12 percent after the group reported disappointing results, while shares in fashion retailer Express fell 7 percent after first quarter earnings fell sharply.