The benchmark Dow Jones Industrial Average rose to an all-time high on Tuesday as China's plans for big infrastructure spending buoyed investor sentiment.

On Tuesday, the index of 30 large industrial companies, which surpassed the previous record high of 14,164, set on Oct. 9, 2007, climbed 92 points to an all-time high of 14,221 at 9:49 a.m. 

The broader S&P 500 climbed 11 points to 1,536, nearing its record of 1,565.15, set on Oct. 9, 2007.

Besides news that China's new administration aims to stimulate consumer spending in the world's second-largest economy, U.S. equity markets rose on assurances this week that the Federal Reserve intends to continue its money printing into next year.

Since the beginning of the 2007-09 bear market that was brought on by the collapse of the U.S. housing market, the U.S. stock market has posted an amazing recovery, regaining basically all of the 54 percent loss it experienced in the Great Recession.

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