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BBC News - Dow Jones share index hits new record high
New York's Dow Jones share index set a new all-time high on Tuesday, returning to levels not seen since before the global financial crisis.
The Wall Street index reached 14,226, exceeding the previous record intra-day high of 14,198, set in October 2007.
The recovery in the market suggests investors are regaining confidence in the US economy.
That is despite the ongoing fiscal crisis in Washington, and continued concerns about the eurozone.
The Dow has more than doubled in value since it plummeted to less than 6,550 points in the depth of the crisis in March 2009.
Returning confidence "Key data is turning supportive. Companies are ready to re-invest and grow profitably. With luck, we will see a recovery take hold in the second half of the year," said Paul Atkinson, head of North American equities at Aberdeen Asset Management.
In recent weeks investors have been encouraged by signs of recovery in the US housing market, and a return of consumer confidence.
Data suggesting strong sales of new homes has been particularly encouraging, as housing construction - which collapsed during the recession and has barely begun to recover - has typically played a leading role in past US recoveries.
Meanwhile, consumer confidence rebounded unexpectedly in February.
There are also signs big businesses are beginning to invest in capital spending rather than build up their cash piles, and are hiring more staff.
Analysts also say the commitment of central banks to quantitative easing (QE) and low interest rates has helped create optimism, and made stocks and shares more attractive to investors than bonds.
On Monday the vice chairman of the US Federal Reserve Janet Yellen said the central bank should press on with its $85bn (£56bn) a month QE programme.
Its actions have outweighed concerns over the continued political wranglings over the US budget and recent fears that political instability in Italy might impact the wider eurozone.
BBC News - Dow Jones share index hits new record high
New York's Dow Jones share index set a new all-time high on Tuesday, returning to levels not seen since before the global financial crisis.
The Wall Street index reached 14,226, exceeding the previous record intra-day high of 14,198, set in October 2007.
The recovery in the market suggests investors are regaining confidence in the US economy.
That is despite the ongoing fiscal crisis in Washington, and continued concerns about the eurozone.
The Dow has more than doubled in value since it plummeted to less than 6,550 points in the depth of the crisis in March 2009.
Returning confidence "Key data is turning supportive. Companies are ready to re-invest and grow profitably. With luck, we will see a recovery take hold in the second half of the year," said Paul Atkinson, head of North American equities at Aberdeen Asset Management.
In recent weeks investors have been encouraged by signs of recovery in the US housing market, and a return of consumer confidence.
Data suggesting strong sales of new homes has been particularly encouraging, as housing construction - which collapsed during the recession and has barely begun to recover - has typically played a leading role in past US recoveries.
Meanwhile, consumer confidence rebounded unexpectedly in February.
There are also signs big businesses are beginning to invest in capital spending rather than build up their cash piles, and are hiring more staff.
Analysts also say the commitment of central banks to quantitative easing (QE) and low interest rates has helped create optimism, and made stocks and shares more attractive to investors than bonds.
On Monday the vice chairman of the US Federal Reserve Janet Yellen said the central bank should press on with its $85bn (£56bn) a month QE programme.
Its actions have outweighed concerns over the continued political wranglings over the US budget and recent fears that political instability in Italy might impact the wider eurozone.
