The S&P 500 closed above 1,400 for the first time since the 2008 financial crisis today as data underscored improvement in the US economy.
The number of Americans claiming new jobless benefits last week fell back to a four-year hit last month, the latest evidence the labour market is finally healing, and manufacturing activity in the Northeast picked up this month.
The data came two days after the US Federal Reserve offered a slightly more optimistic view of the economy.
The Standard & Poor's 500 index advanced for the sixth session out of seven, notching its highest close since June 2008.
"The data is lifting us today, but so is the momentum of the market," said Rex Macey, chief investment officer at Wilmington Trust in Atlanta, Georgia, which manages about $60 billion.
"People are getting more comfortable with the S&P above 1,400 and financials leading, which by itself is indicative of a sigh of relief. The trend is your friend, and lately the trend has been higher."
The S&P 500 has risen about 11.5 per cent so far this year without a major pullback, and while some have called for a consolidation, others see the momentum persisting.
The Dow Jones industrial average and the Nasdaq also climbed today.
Financial stocks, which have dragged lately, led the day with the S&P sector index up 1.9 per cent.
Shares of Apple hit a record high at $600.01 in early trading, before ending the day down. Some analysts predicted the stock will hit $700 within 12 months.
The Dow Jones industrial average gained 58.66 points, or 0.44 per cent, to 13,252.76. The Standard & Poor's 500 Index gained 8.32 points, or 0.60 per cent, to 1,402.60. The
Nasdaq Composite Index gained 15.64 points, or 0.51 per cent, to 3,056.37.
Reuters
