US futures close in on record price

<p>US futures are closing in on a Dow record.</p>

US futures are up today (March 5th) and are threatening to set a new record for the Dow.

Stock index futures in the US rose and the Dow stood within reach of a record closing high, with investors boosted by China's record spending plans.

Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey, told Reuters that concerns over China's growth have been addressed.

The Asian nation is now targeting 7.5 per cent for 2013, which is below 2012's 7.8 per cent.

Mr Meckler said: "I think there's at least a feeling that perhaps the moves in China can provide an offset to a slowdown in the US."

The Dow shut within 40 points of its all-time closing high on Monday and there is speculation from some quarters that a record could be hit this week.

Bank of America and Hewlett-Packard were among the most successful shares of the day, pushing the Dow up towards a new high.

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