FTSE 100 closes at five year high

Stocks around the world are on the rise and in the UK, the FTSE 100 index closed at its highest point for more than five years last night (March 5th).

It was up 86 points to 6,432, which takes its gains this year to £135 billion, while in the US the Dow Jones had hit a new record high as well.

Richard Hunter, head of equities at UK stockbrokers Hargreaves Lansdown, described the rebound of stock markets in the UK and the US as a "long time coming".

"It has been a very strong start to the year and is improving pension pots so it really does matter," he was quoted as saying by the Daily Mail.

Chris Low, chief economist at FTN Financial in New York, highlighted the fact that the Dow's record high yesterday was "particularly significant because this economic cycle has been so challenging".

The Dow has more than doubled in value over the course of the last four years since it fell to less than 6,550 points at the worst point of the financial crisis in March 2009.

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