Wall Street has hit a new record high before falling back slightly. The Dow Jones exceeded the previous record set back in 2007. 

 

Wall Street trader Douglas Blake says there are two forces at play in the US economy.

 

“Certainly, it doesn't feel like your personal economy is at an all-time high. Ah, you have potentially higher taxes. You know, unemployment rate is still at 7.9 per cent, way above where it was back in 2007, the last time we were at these levels. And you kind of look and say:“Well,if things are so great on Wall Street, why are the things not so great on Main Street? I think one of the answers is that the US market is a forward-looking indicator. We are kind of pointing the direction where we hope and where we anticipate that the US economy will eventually be.”

 

Let's go to the markets.

 

And the Dow Jones fell back slightly after hitting those new highs overnight. Stocks closed around one per cent stronger. Across in London, the FTSE was up 86 points. 

 

To commodity prices.

 

West Texas Crude is trading at 91 US dollars a barrel. Tapis Crude is 117 US dollars a barrel. And gold is worth 1575 US dollars an ounce.

 

The Australian dollar is buying 102 US cents, 79 Euro cents and 68 pence sterling.