The U.S. stock market climbed to new highs, with the Dow Jones industrial average climbing above 3900 for the first time on Jan. 21. A rally in economically sensitive stocks sustained the market, with Caterpillar leading the pack because of better-than-expected earnings. Broad-based indexes and small-cap stocks also posted records. The blue chips cooled a bit on Jan. 25, when IBM reported disappointing earnings. Japanese stocks tumbled on Jan. 24 after defeat of a political-reform plan.
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