Today in business: 5 things you need to know

Stocks hit record heights, the White House backs "unlocked" cell phones, and more in our roundup of the business stories that are making news and driving opinion

The Dow: On the up and up.
(Image credit: Spencer Platt/Getty Images)

1. THE DOW HITS AN ALL-TIME HIGH

The benchmark Dow Jones Industrial Average surged to an all-time high on Tuesday, breaking a record set on October 11, 2007, before the financial crisis hit. Investors shrugged off the stalemate over reducing deficits in Washington and, buoyed by news that China would pump more money into its economy, pushed the stocks of the 30 blue-chip companies in the Dow up nearly 90 points, or 0.74 percent, to 14,216.70. The previous record intraday high was 14,198.10. Since bottoming out in March 2009, the Dow has more than doubled, stunning even many seasoned market pros. "We think this could be the biggest bull market of our careers," says Richard Bernstein, chief executive of Richard Bernstein Advisors. [New York Times]

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.