The Dow Jones industrial average shot above 8,900 for the first time in New York yesterday, with a rally in blue-chip stocks pushing the Dow to its fifth straight record close.

On Wall Street, the Dow was up 103.38 points - or 1.1 per cent - at 8,906.43, ending the week with a gain of more than 300 points.

Broad-market indexes were mostly higher at the close, except for the Nasdaq composite index which was weighed down by weakness in technology stocks.

Advancing issues outnumbered decliners by a 4-to-3 margin on the New York Stock Exchange, with 1,689 up, 1,262 down and 552 unchanged.