U.S. stocks surged Tuesday as investors digested stellar economic data that appeared to put the housing and financial crises far in the rearview mirror.
The Dow Jones Industrial Average closed at a record high of 15,409.39, after gaining more than 100 points, or 0.7%. (Tracking the Dow 30).
The S&P 500 rose 0.7%, and the Nasdaq added 0.9%.
At the same time, the yield on the 10-year Treasury note surged above 2.1% — its highest level in more than a year.
Remember when Republicans and Mitt Romney said that the only way the economy would recover was if Mitt Romney was elected in November? Well Romney wasn’t elected and today, the stock market hit a new high – a new record.
If Romney was in office, Republicans would be praising him now as the savior. Well, I’m not going to praise President Obama as savior, but I will give him and his policies much credit for helping lift the economy out of the dungeons Bush left it in.
The benchmark Dow Jones industrial average reached an all-time high Tuesday on news that China was pledging to plow more money into its economy, returning the markets to highs not seen since before the 2008 financial crisis.
By noon Tuesday, the Dow was up more than 145 points, or 1.03 percent, to 14,273.70, blowing past both an intraday record and a closing record that were both set in October 2007, during a time when the economy was just peaking and headed toward disaster. The previous intraday trading high was 14,198.10; the closing record was 14,164.53.
