US stocks hit new record highs off the back of strong earnings from retail giants Wal-Mart and Home Depot, as well as optimism over the economic plans of President Donald Trump.
Wal-Mart's shares increased more than any other in the Dow Jones Industrial Average, rising 3 per cent after it reported higher-than-expected US sales.
Home Depot shares gained 1.4 per cent after the home improvement retailer reported higher-than-expected quarterly profit and sales, boosted by a strong U.S. housing market.
The S&P 500 Index, the Dow Jones Industrial Average and the Nasdaq Composite all reached all-time highs at closing, with the Dow reaching a record for the eighth consecutive trading session.
The DJI rose 118.95 points, or 0.58 per cent, to 20,743, the SPX gained 14.22 points, or 0.60 per cent, to 2,365.38 and the Nasdaq Composite grew 27.37 points, or 0.47 per cent, to 5,865.95.
The S&P has now climbed 10.6 per cent since Trump’s election, with the surge attributed to the promise of tax reforms, reduced regulations and increased infrastructure spending.
Separately, oil prices rose by one per cent after the Organization of the Petroleum Exporting Countries (OPEC) reported increased compliance with output curbs, designed to clear a glut in the market.
The supply cut is designed to last for six months from January.
"All countries involved remain resolute in the determination to achieve a higher level of conformity," OPEC Secretary General Mohammad Barkindo said at an industry conference in London.