The Dow hit a new record high today, topping 14,264. The previous record was 14,198.10, set in October 2007, when investors were squarely focused on the Federal Reserve. The Fed had cut rates for the first time in four years and was worried the housing implosion would hit consumers and the broader economy.
Today, the Fed’s actions have juiced stocks and helped boost the economy, but the recovery after the 2008 financial crisis remains slow-going.
Investors appear to have shrugged off the fight over $85 billion in forced government spending cuts. The Obama administration has started making the cuts and some federal workers are getting furlough notices.
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