US stocks hit record levels

<p>Record closing highs have been reached by US stocks.</p>

US stocks ended the day at a record high yesterday (July 11th), providing a positive sign about the state of the economy in the country.

The Dow Jones Industrial Average rose by more than one per cent to end the day at 15,460.92, while the broader S&P 500 added 1.3 per cent to close at a new peak of 1,675.02.

Both of the indexes have therefore hit a new high this week, breaking the records that were set just a few weeks ago in May.

"The Fed has made it unequivocally clear that they are not in any hurry to do anything," said Alec Young, Global Equity Strategist at S&P Capital IQ, adding: "It's very bullish for stocks."

It was also a good day for the Nasdaq composite, which rose by 1.4 per cent for the day.

Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati, recently told BBC News that he believes US stocks indexes could be set to continue to rise over the coming weeks and months.

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