Business/Finance

Dow Jones industrial average trades at a new high

Tuesday, March 05, 2013
Traders work on the floor of the New York Stock Exchange Wednesday, Nov. 30, 2011. Stocks soared in morning trading Wednesday after major central banks acted together to support the global financial system by cutting short-term borrowing rates.

Traders work on the floor of the New York Stock Exchange Wednesday, Nov. 30, 2011. Stocks soared in morning trading Wednesday after major central banks acted together to support the global financial system by cutting short-term borrowing rates. (AP Photo/Richard Drew)

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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