The Dow Jones Industrial Average surged to a new all-time high as trade opened on Tuesday, surpassing the record set more than five years ago.
Thirty minutes into trade, the Dow was at 14,231.35, up 103.53 points (0.73 per cent) from Monday’s close and well past the previous intra-day high of 14,198.10 set on October 11, 2007.
The Dow closed at 14,253.77, well above its all-time closing high of 14,164 set on October 9, 2007.
The broad-based S&P 500 picked up 0.96 per cent) to 1,539.39, still shy of its closing and intraday records also set in October 2007.
The tech-rich Nasdaq Composite Index gained 1.32 per cent) to 3,224.13.
“This is something that’s been building for months and months,” Chris Low, chief economist at FTN Financial, said of the record.
Investor sentiment was mainly bolstered by China’s plans to increase spending, including nearly 11 per cent hike in defence expenditure.