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Dow Jones Industrial sets an all-time record high

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NEW YORK -

Soon after the opening bell the Dow Jones Industrial hit an all-time high.

Surging more than 100 points, the Dow passed the 14,198 mark, breaking the record set in October 2007.

Strong economic news from around the world sparked Tuesday's rally. China announced plans to spend more to grow its economy and retail sales jumped in Europe.

Stocks have been climbing this year because of an improving U.S. economy.

Corporate earnings have been strong and companies are starting to hire again. The housing market also appears to be recovering.

The gains come even as $85-billion in spending cuts begin to kick in, due to the ongoing budget battle in Washington

Tuesday's record was an all-time high for trading. The Dow is also on track to for a record high close.

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