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Dow ends at all-time high on hopes for global economic recovery.

NEW YORK, March 5 Kyodo

The Dow Jones Industrial Average finished at a record high on Tuesday for the first time in five years and five months on growing hopes for a global economic recovery.

The 30-issue Dow Jones Industrial Average gained 125.95 points, or 0.89 percent, to end at 14,253.77. The previous record high closing was set on Oct. 9, 2007 at 14,164.53 before the global financial crisis.

The index fell to around 6,500 points in March 2009 after the banking crisis started in the fall of 2008. The index has since advanced on the back of a recovery in the job and housing markets to more than double in four years.

The tech-heavy Nasdaq Composite Index climbed 42.10 points, or 1.32 percent, to 3,224.13, its highest level since November 2000, or in 12 years and four months.

In recent years, the U.S. stock market has been lifted by solid U.S. corporate earnings, improvements in economic indicators as well as mitigated concern over the outlook for the European and Chinese economies.

Funds have also been shifting to equities against the backdrop of monetary easing policies taken by central banks of major economies. The Dow's climb to a record level may have a positive impact on Asian and European markets.

On Tuesday, hopes for a recovery by the Chinese economy grew after Beijing set a growth target of 7.5 percent for 2013, the same as in the previous year. Investors were also encouraged by strong data from the U.S. services sector.
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Publication:Japan Weekly Monitor
Date:Mar 11, 2013
Words:266
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