Dow Jones industrial average surges to new high Tuesday

On Tuesday, the Dow Jones industrial average finished with a new record high at the closing bell -- 14,253.

After opening, the Dow jumped nearly 100 points, surging above 14,200.

The previous intraday trading high was 14,198 set in October 2007, just before the recession hit.

The highest previous close for the Dow is 14,164. Monday, the Dow closed 36 points below that mark at 14,128. Tuesday, the index closed up 125 points to finish at 14,253.

The Dow's surge was powered by China's strong economic growth targets and a jump in European retail sales.

The market is 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.

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.