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McDonald's sets new all-time high

McDonald's is growing up fast in China, and by the end of 2008 is expected to have 1,000 restaurants in Mainland China.
Zhang Peng | LightRocket | Getty Images

McDonald's stock continued to climb Wednesday as it crossed a new milestone.

Shares of the Dow component crossed $130 for the first time on Wednesday morning as it hit an all-time intraday high of $130.38.

McDonald's ended the day up 0.72 percent. Its gains account for more than 10 points in the Dow Jones Industrial Average.

In April, the fast food giant topped analyst expectations when it reported earnings of $1.23 per share on revenues of $5.90 billion. Wall Street had expected McDonald's to post earnings of $1.16 a share on $5.83 billion in revenue, according to a consensus estimate from Thomson Reuters.

"I'm pleased to report that our turnaround is taking hold," CEO Steve Easterbrook said in the company's earnings press release.

Shares of McDonald's have gained more than 3 percent since it reported earnings on April 22.

MCD since April 22