The Dow Jones industrial average climbed above 14,000 for the first time since the Great Recession.

The index rose as high as 14,000.97 in early trading. The index last traded above 14,000 in October 2007.

The Dow has gained 6.7 percent since the start of the year.

A budget deal, struck at the start of the year in Washington, that allowed the U.S. to avoid the "fiscal cliff" was the catalyst for a January rally. Investors then pushed stocks higher amid optimism that the housing market is maintaining its recovery and that the jobs market is slowly healing.

The index has more than doubled since falling to close at low of 6,547.05 March, 3, 2009 after the Great Recession.