Dow Jones industrial average closes at a record high, erasing losses since the Great Recession

March 5, 2013 1:05:15 PM PST
Dow Jones industrial average closes at a record high, erasing losses since the Great Recession.

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. The previous closing record of 14,164 was 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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