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Gains were broad, with more than two-thirds of New York Stock Exchange-listed companies' shares rising and almost 640 securities hitting 52-week highs, including Chevron Corp and Visa Inc.
Growth-orientated stocks were among the day's biggest advancers, with large-cap bank stocks leading the way. Bank of America, up 2.6 per cent at $13.32, was the Dow's biggest gainer. Citigroup Inc rose 2.2 per cent to $49.98. Goldman Sachs advanced 3.4 per cent to $154.67 while Wells Fargo & Co added 1.1 per cent to $38.63.
Wall Street has climbed for the past three weeks. The S&P 500 is up almost 16 per cent so far this year, propelled in large part by the Federal Reserve's easy monetary policy, designed to stimulate the economy.
"We're riding a self-fulfilling prophecy of momentum. There's no fundamental reason for today's move, other than the continued easing by the Fed and momentum," said Paul Radeke, vice-president at Minneapolis-based KDV Wealth Management.
While some analysts expect the momentum to wane in the near term, as equities haven't undergone a significant pullback this year, many say that the long-term trend remains positive as investors keep using any market decline as a buying opportunity.
The Dow Jones industrial average rose 95.73 points, or 0.63 per cent, to 15,187.41. The Standard & Poor's 500 Index climbed 15.65 points, or 0.96 per cent, to 1,649.42. The Nasdaq Composite Index advanced by 29.39 points, or 0.85 per cent, to 3,468.18.
Earlier in the session, the Dow hit an all-time intra-day high at 15,191.60, while the S&P 500 reached an all-time intra-day high at 1,649.71.
