Dow Jones Industrial Average Closes At A New High - NewsChannel5.com | Nashville News, Weather & Sports

Dow Jones Industrial Average Closes At A New High

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(AP Photo) (AP Photo)

NEW YORK (WTVF/AP) - The Dow has closed at a new record, beating the previous high it set in October 2007, before the financial crisis and the Great Recession.

The Dow Jones industrial average rose 126 points, or 1 percent, to 14,253 Tuesday, beating its previous record by 89 points.

The index was up nearly 9 percent this year, capping a remarkable comeback. The Dow has more than doubled since hitting a 12-year low in March 2009.

The Standard & Poor's 500 index rose 14 points, or 1 percent, to 1,539. The S&P was also within striking distance of its record close of 1,565.

The Nasdaq gained 42 points, or 1.3 percent, to 3,224.

Three stocks rose for every one that fell on the New York Stock Exchange. Volume was light at 3.3 billion shares.

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 record close of 14,164 was reached on October 9, 2007.

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.

(NewsChannel5 and The Associated Press.)

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