Dubai After years of bailouts, bank failures and job cuts, the Dow Jones Industrial Average has returned to levels not seen since the onset of the global financial crisis.
The index closed above 13,000 for the first time since May 2008 on Tuesday amid growing consumer confidence in the US.
Bullish sentiment may prevail in the short term — the Dow now has an all-time high in sight — but the road ahead is still gloomy with home prices stuck at 2002 levels and disappointing economic data showing orders for US durable goods dropped in January by the most in three years.
The Dubai Financial Market General Index is also in the midst of a bull-run having gained almost 33 per cent since its low on January 16.
However, despite growing confidence in the local economy, the bourse still has some way to go to match 2008 levels.