Dow and S&P hit 31-month high

The Dow and S&P 500 closed at their highest levels since June 2008 yesterday after reports of strong earnings and signs of a surge in US manufacturing. The Dow closed at 12,040.16 – above the critical 12,000 level – while the Standard & Poor’s 500 Index rose 21.45 points, or 1.67 per cent, to 1,307.57.