Oil hit a record high for the year, landing above $75 a barrel on Wednesday, on the heels of a rosy economic outlook and the Dow Jones industrial average breaking 10,000 for the first time in a year

, according to Reuters.

U.S. crude gained $1.03 Wednesday before settling at $75.18 a barrel. Oil prices haven't been this high since October 14, 2008, Reuters says. The rise in the price of oil was also stimulated by the weak U.S. dollar, which has made commodities such as oil and gold more attractive to holders of other currencies, Reuters reports.

The news followed the milestone on the trading floor, where traders threw commemorative caps and opened up bottles of champagne, the Associated Press reports. According the Reuters, the Dow Jones went up because of better-than-expected company results and U.S. retail sales results.

The results may be a sign that the economy is starting to come back up, according to the Associated Press.