Business

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The Dow gained 103 points, or 0.8 per cent, to 14,239 as of 10 a.m. EST, surpassing its previous record high of 14,198 set on Oct. 11, 2007. (Brendan McDermid/Reuters)

The Dow has never been higher.

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

The Dow gained 103 points, or 0.8 per cent, to 14,239 as of 10 a.m. (1500 GMT), surpassing its previous record high of 14,198 set on Oct. 11, 2007.

The Standard & Poor's 500 index rose 12 points, also 0.8 per cent, to 1,538. The S&P is also within striking distance of its own record close of 1,565. The Nasdaq composite gained 32 points, or 1 per cent, to 3,213.62.

The Toronto stock market was higher as reassurances that China will stick to its economic growth target for the year boosted commodities and resource stocks.

The S&P/TSX composite index ran ahead 103.51 points to 12,810.92 and the TSX Venture Exchange gained 15.63 points to 1,112.8.

Stocks have rallied this year on optimism that the housing market is recovering and companies are slowly starting to hire again. Strong corporate earnings have also helped increase demand.

The market has also benefited from economic stimulus from the Federal Reserve and other global central banks. The U.S. central bank is buying $85 billion each month in Treasury bonds and mortgage-backed securities to keep long-term interest rates very low.