The Dow Jones industrial average reached a new high today as big banks announced they believe the worst is over and analysts continue to believe that the Federal Reserve will cut interest rates again, reported CNN Money.

The Dow added 192 points to end at an all-time high of 14,087.55, according to early estimates. Earlier in the trading session, it hit 14,115.27, beating the previous high of 14,021.95 set on July 19.

The Nasdaq composite index also rose 1.5 percent to a new 2007 high of 2,740.99. The Standard & Poor’s 500 rose 1.3 percent to 1,547.04.

The historic highs came as Citgroup Inc. and UBS AG announced that their earnings could decline significantly in the third quarter as they cover billions of dollars in losses and write-downs related to securities backed by subprime loans. Still, Citigroup said the $3 billion it needed to cover subprime-backed securities would be a one-time issue and predicted the current quarter would be better. Its shares rose 1.05 points to $47.72 and was one of 28 of the 30 Dow issues that rose today.

Stocks also benefited from new acquisitions, including Nokia Corp.’s announcement that it would buy navigation software maker Navteq Corp. for $8.1 billion.