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Wall Street Celebrates New Record High For Dow Jones

The Dow Jones Industrial Average rose to a new all-time high on Tuesday, surging past levels last seen before the market crash of 2007. U.S. stocks have been creeping higher over the past few months, supported by aggressive easing from the Federal Reserve and signs that the domestic economy is on the mend.

Wall Street was in a great mood this morning, as China's outgoing Premier Wen Jiabao promised increased fiscal spending in 2013 in a bid to deliver economic growth of 7.5 percent for the year. Growth in Chinese consumer spending is expected to drive the global economy as Europe continues to grapple with austerity and a lingering recession.

The major averages have pulled back off their highs for the session in the past few minutes but are holding on to strong gains. As of 11 am ET, the Dow is up 154.36 points or 1.1 percent at 14,282.18, the Nasdaq is up 40.33 points or 1.3 percent at 3,222.36 and the S&P 500 is up 16.66 points or 1.1 percent at 1,541.86.

by RTT Staff Writer

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