Dow Passes All-Time High
Stocks soar at open after positive report from China
By Kevin Spak, Newser User
Posted Mar 5, 2013 8:53 AM CST
Trader Donato Cuttone, right, works on the floor of the New York Stock Exchange, Feb. 28, 2013.   (AP Photo/Richard Drew)

(Newser) – The Dow Jones Industrial Average reached its highest level ever just after the opening bell this morning, thanks in part to China's pronouncement that it would be maintaining its growth target. As of 9:51, the Dow was up 103 points, to 14,231. Its previous high, set in October 2007, was 14,165, TheStreet reports. The Nasdaq and S&P were up as well, rising 26 and 11 points respectively.

"Confidence and sentiment are improving," one market strategist tells Bloomberg. "The market has shrugged off some pretty tough news from overseas with the Italian elections and Europe. We’re seeing the US markets continuing its move up here."

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Showing 3 of 25 comments
Lefty_Libby
Mar 6, 2013 12:53 PM CST
The DOW, NYSE, AMEX, NASDAQ are traded in the United States in our stock market. It isn't the only stock market, and the largest companies trading in these sectors are not American companies, but global, international corporations. What is happening on Wall Street right now doesn't have anything to do with 'our country' doing something right. These international firms are not 'our companies.' This week's market jump was the result of positive growth news out of China. It's a global economy, not an American economy.
Lefty_Libby
Mar 6, 2013 12:38 PM CST
Corporate profits are rising in a jobless recovery, because automation and outsourcing is replacing American workers. Profits could go higher if CEOs would stop grabbing shareholder money for their ridiculous over compensation and to buy elections. The shareholders own the corporations, and Congress needs to enact laws to allow us (corporate shareholders/owners) better control of our property. The recovery is for the rich only. No matter how many skills people obtain, with population growth and automation, there simply will never be enough jobs to go around anymore. Not here, not anywhere -- not ever again.
ShoeMart
Mar 5, 2013 11:53 PM CST
So, the earth didn't shake due to the "sequester"? Government spending was "cut" (not "cut", but temporarily projected to not be as high as was originally budgeted for), and investors worldwide have more confidence in American companies' future profits? Hmm. Perhaps we're on to something here. Or, I suppose it could be coincidence, like every other low-gov spending / high investment return in history.