Dow Industrial Average Closes At All-Time High

By Sky News US Team, in New York

The Dow Jones industrial average has closed at an all-time high, powered by China's strong economic growth targets and a jump in European retail sales

It settled at 14,253.77 points, up 125.95 points, or 0.9%, surpassing its previous record high of 14,198 set on October 11, 2007.

The index is up nearly 9% this year, capping a remarkable comeback. The Dow has more than doubled since hitting a 12-year low in March 2009.

The Standard & Poor's 500 index rose 14 points, or 1%, to 1,539. The S&P also is within striking distance of its record close of 1,565.

The Nasdaq gained 42 points, or 1.3%, to 3,224.

Three stocks rose for every one that fell on the New York Stock Exchange. Volume was light at 3.3 billion shares.

Stocks have rallied this year on optimism that the US housing market is recovering and companies are slowly starting to hire again. Strong corporate earnings have also helped increase demand.

The market has also benefited from economic stimulus from the Federal Reserve and other global central banks.

The US central bank is buying $85bn each month in Treasury bonds and mortgage-backed securities to keep long-term interest rates very low.

Home prices rose 9.7% in January from a year ago and had the biggest gain since April 2006, according to data released by CoreLogic.

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