The rallies mean the stock markets are returning to levels not seen since before the global financial crisis.

 

The Dow reached 14,285 during the day, exceeding the previous record intra-day high of 14,198, set in October 2007.

 

It closed slightly lower at 14,256. The FTSE closed at 6,432, its highest close since January 2008.

 

The recovery suggests investors¹ are regaining² confidence in the US and world economies following the financial crisis and global recessions of recent years. 

 

The Dow has more than doubled in value since it plummeted³ to less than 6,550 points in the depth of the crisis in March 2009, while the FTSE has risen by 68% from its 2009 low.

 

The US's other closely-watched index, the S&P 500, also ended the day just short of its pre-crisis high, having gained 125% since 2009.

 

 

Investors have been encouraged by signs of recovery in the US housing market in recent months, a return of consumer confidence, and signs that big businesses are beginning to invest in capital spending and hire more staff.

 

"Key data is turning supportive. Companies are ready to re-invest and grow profitably. With luck, we will see a recovery take hold in the second half of the year," said Paul Atkinson, head of North American equities⁴ at Aberdeen Asset Management.

 

"The question now is whether we are seeing a stealth rally in danger of running its course… or whether we have the conditions for further market gains."

 

The most recent US data, released on Tuesday, suggested non-manufacturing industries, which account for about 90% of the economy, continued to expand last month. 

 

The Institute for Supply Management said its services index rose to 56 in February from 55.2 in January - its highest level in a year.

 

In the UK, strong corporate⁵ earnings⁶ have pushed the market up, with mining and banking⁷ shares leading.

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