The Dow Jones industrial average surged to a record reading this morning, breaking through levels last seen in 2007 as investors extended 2013's rally, Reuters reported. 

Shortly after the opening bell, the Dow rose above 14,198.10, the intraday all-time high reached in October 2007, when the world was heading toward the financial crisis.

If the Dow ends the day at these levels, it will also set a record closing high, above 2007's 14,164.53.

"This is a classic bull market, climbing the wall of worry," said Robert Tipp, chief investment strategist at Prudential Fixed Income in Newark, N.J. "We are seeing the 'great migration.' But it's not the great migration people expected. There's a fear out there that a wave of money will move out of bonds into stocks. But the money will not come from bonds. It will come from cash, the most expensive asset."

Analysts said Tuesday's advance was due less to one specific catalyst and more to the same factors that have been driving the rally this year, namely attractive valuations and liquidity from loose monetary policy around the world.