US stock markets hit record highs as economy appears to rebound strongly

Sharp rise in consumer spending, falling unemployment claims and strong earnings from largest companies boost markets

US stock markets hit record highs again on Thursday boosted by a sharp rise in consumer spending, falling unemployment claims and strong earnings from some of the largest US companies.

The Dow Jones Industrial Average gained 256 points in morning trading, passing 34,000 for the first time after a slew of good news about the economy. The S&P also hit an intraday high.