Global markets have soared after the Dow Jones Industrial Average hit record levels. The Dow rose 0.3 percent on Tuesday, surpassing a previous high set in 2007. The news had a ripple effect, leading to strong gains in stock markets in Europe and in Japan. The New York Times reports the United States is in the midst of a “golden age for corporate profits.” The boom is partially attributed to high unemployment, which allows companies to keep wages low. Recent figures show corporate profits accounted for more than 14 percent of national income in the third quarter of 2012, its largest point in over 60 years. The portion of income going to employees was nearly 62 percent, its lowest point since 1966. An analyst at Bank of America Merrill Lynch said the recent sequestration will have a “minimal” effect on corporate profits, adding that nonetheless “the market wants more austerity.”