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Dow Jones industrial average closes at record high

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NEW YORK (AP) -

BREAKING UPDATE: The Dow Jones industrial average closed at a record high, erasing losses that happened during the Great Recession that began more than five years ago.

The Dow Jones industrial average rose 126 points, or 1 percent, to 14,253 Tuesday, beating its previous record by 89 points.

The index is up nearly 9 percent this year, capping a remarkable comeback. The Dow has more than doubled since hitting a 12-year low in March 2009.

The Standard & Poor's 500 index rose 14 points, or 1 percent, to 1,539. The S&P is also within striking distance of its record close of 1,565.

The Nasdaq gained 42 points, or 1.3 percent, to 3,224.

Three stocks rose for every one that fell on the New York Stock Exchange. Volume was light at 3.3 billion shares.

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