THE crossing of the magic frontier by the Dow Jones Industrial Average received only an ironic nod from British investors. When it was decisively crossed, with the US benchmark holding solidly above 10,000 throughout the second half of yesterday's London session, there was merely a phlegmatic shrug.

Footsie, the index most affected by international movements, remained strong. But the closing gain of 48.9 at 6,163.2 yesterday gave no indication that a new paradigm had been discovered. The FTSE 250 rose 37.7 to 5,501.0 and the SmallCap 12.9 to 2,386.7.

Dealers and investors showed distinctly old world reticence at the breakthrough considering the weight of cash that is said to be looking for a home. The bull argument for a jolt upwards is based on the belief that a huge amount of institutional cash is looking for a way into equities and to maximise returns in a period of low interest rates. But, much of the potential intensity was diluted by the general Friday malaise and the equine distraction of the Cheltenham festival.

From being almost 100 points up in the morning, Footsie drifted gently throughout the afternoon, albeit it on solid turnover. Recorded volume at 6 p.m. was 1.2 billion shares.