Dow Jones Industrial Average Trades at New High

Stock traders work at the New York Stock Exchange, Monday, March 4, 2013, in New York.
Associated Press + More

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.

[SLIDESHOW: Why Dow 14,000 Is One of the Market's Toughest Milestones]

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.

[READ: Newman | Stock Market Correction May Have Begun]

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

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.