Dow Jones industrial average trades at a new high

Dow Jones industrial average trades at a new high

Credit: Getty Images

NEW YORK, NY - MAY 08: A trader works on the floor of the New York Stock Exchange on May 8, 2012 in New York City. The Dow Jones Industrial Average dropped 76 points and the Nasdaq fell 11.49 points as investors continue to consider struggles in the eurozone after weekend elections that prompted political uncertainty. (Photo by Justin Sullivan/Getty Images)

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Associated Press

Posted on March 5, 2013 at 11:04 AM

Updated Tuesday, Mar 5 at 2:16 PM

NEW YORK (AP) — The Dow has never been higher.

The Dow Jones industrial average jumped nearly 100 points early Tuesday, reaching an all-time high, powered by China's strong economic growth targets and a jump in European retail sales.

Shortly after the opening bell the Dow was trading at 14,222. It's on track to close above its record of 14,164 reached on Oct. 9, 2007. It's up 7.8 percent for the year.

The Standard & Poor's index rose 11 points to 1,536. It's also within striking distance of its own record of 1,565.

The Nasdaq was up 30 points at 3,212.

Asian markets rose as China pledged to stick to ambitious growth targets for its economy, the world's second largest.

European stocks also jumped because of retail sales in the region rose sharply.

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