New York Stock Exchange traders deal on the market floor in New York, Oct. 1, 2007. Wall Street surged Monday with the Dow Jones average setting new intraday high above 14,000. (Xinhua/AFP Photo)
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    NEW YORK, Oct. 1 (Xinhua) -- Wall Street surged Monday with the Dow Jones average setting new intraday high above 14,000.

    As of 1 p.m. local time, the Dow Jones Industrial Average was up 142.74 points to 14,038.37, toppling the previous record set on July 17 at 14,021.95.

    The market rose sharply after the Institute for Supply Management said its index of manufacturing activity was at 52.0 in September, below forecasts for a 53.0 reading.

    The news raised hopes that the Federal Reserve will continue to cut rates to support a weakening economy.

    U.S. stocks opened higher Monday morning as Nokia announced a 8.1-billion-dollar offer for navigation-software maker Navteq Corp..

    However, Citigroup Inc. and Switzerland's UBS AG warned Monday that credit market upheaval took its toll on third-quarter results. Citi said profit will fall 60 percent, while UBS expected a loss for the period.