Global markets happy as Dow Industrial Average hits new high

06 Mar 2013

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The Dow Jones Industrial Average hit an all-time high on Tuesday, surpassing its own record of five years ago (See: Dow Jones Industrial Average), just before sub prime crisis shook global markets.

The Dow closed at 14,253.77, well above its all-time closing high of 14,164 set on 9 October 2007.

Investor sentiment was mainly bolstered by China's plans to increase spending, including nearly an 11-per cent hike in defence expenditure.

Most other global stocks jumped in tandem, tracking the strong gains in the US markets.

Analysts say the Dow may extend gains as a top-off is unlikely soon. In fact most believe that it indicates an uptrend in the US markets.

This is partly because the industrial average upsurge was accompanied by a similar jump in the Dow Jones Transportation Average, which also closed at a record high. According to the Dow Theory, both indices should move in tandem for clear signals about breakout or breakdown in markets.

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