NEW YORK (CNNMoney)
The Dow hit a new trading high of 14,747. The S&P 500 finally topped its 2007 trading record high, touching 1,576.10 before pulling back slightly. The Nasdaq gained 0.5%.
Investors cheered China trade figures for March that showed a 10% year-over-year increase, buoyed primarily by exports to the United States.
Also Wednesday, President Obama will unveil his 2014 budget proposal, which serves as an important marker in continuing debt negotiations in Washington.
U.S. stocks finished higher Tuesday, with the Dow Jones industrial average closing at a record high of 14,673 and the S&P 500 coming within a few points of setting a new high of its own.
Related: What's in Obama's budget
In company news, shares of Family Dollar (FDO, Fortune 500) slumped after the company reported earnings that missed estimates and issued a weak outlook.
Shares of JC Penney (JCP, Fortune 500) rose 2% despite uncertainty about the troubled retailer's future after former CEO Ron Johnson was ousted Monday.
Facebook's (FB) stock rose more than 2% after General Motors (GM, Fortune 500) announced that it would return to advertising on the social media site, ending its year-long hiatus.
Shares of First Solar (FSLR) pulled back. after a big surge Tuesday following better-than-expected guidance from the solar panel maker.
Related: Fear & Greed Index still in neutral
International Monetary Fund head Christine Lagarde is scheduled to speak at the New York Economic Club at 12:15 p.m. ET. Her remarks follow new flare-ups in the European debt crisis in Cyprus and Portugal in the past few weeks.
European markets were higher in afternoon trading, with London's FTSE 100 rising 0.8% and the CAC 40 in Paris and the DAX in Frankfurt gaining more than 1%.
Asian markets ended higher, as China trade data offset continued tensions and potential war on the Korean peninsula and Fitch Ratings' warning over excessive debt in China.
The Hang Seng increased 0.8%, the Nikkei gained 0.7% and the Shanghai Composite added less than 0.1%.
The dollar rose against the British pound, the Japanese yen and was flat against the euro.
Oil and gold prices dipped.
The yield on the 10-year Treasury rose to 1.78% from 1.75% Tuesday.
First Published: April 10, 2013: 9:49 AM ET
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