The Dow Jones industrial average swept past 14,000 for the first time Tuesday after a relatively tame inflation report gave investors reason to extend an extraordinary – but perhaps questionable – Wall Street rally.

The stock market’s best-known indicator crossed 14,000 in the first half-hour of trading but failed to close above that level; it did, however, manage its fourth record close in as many sessions. The Dow rose as high as 14,021.95, having taken just 57 trading days to make the trip from 13,000.

Stocks have risen fairly steadily since the spring amid a continuum of buyout news and evidence that despite higher fuel prices and the ongoing problems in the housing market and mortgage lending industry, consumers are spending and companies remain optimistic about the future. With the Federal Reserve ever vigilant about inflation, any news that prices are rising at a moderate pace has added to the market’s momentum, as it did Tuesday.

APP