Dow Industrial Average Reaches All-Time High

By Sky News US Team, in New York

The Dow Jones industrial average has reached an all-time high, powered by China's strong economic growth targets and a jump in European retail sales

It surpassed its previous record high of 14,198 set on October 11, 2007.

The Standard & Poor's 500 index rose 12 points, also 0.8%, 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%, to 3,213.62.

Stocks have rallied this year on optimism that the US 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 US central bank is buying $85bn each month in Treasury bonds and mortgage-backed securities to keep long-term interest rates very low.

Home builder PulteGroup rose 42 cents to $20.12 following news that home prices rose at the fastest pace in almost six years in January, a sign that the housing market is gaining momentum as it nears the spring selling season.

Home prices rose 9.7% in January from a year ago and had the biggest gain since April 2006, according to data released by CoreLogic

The yield on the 10-year Treasury note, which moves inversely to its price, rose one basis point to 1.89%.

Among other stocks making big moves, Ascena Retail Group gained $1.73 to $18.30 after the clothing store reported stronger-than-expected sales in its most recent quarter.

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