The Nasdaq also hit its highest level since November 2000 although gains were limited by a steep decline in Apple
But shares of Apple's rival Google
The day's gains were broad, with nine of the S&P 500's 10 sectors ending higher. Among the top gainers were the consumer staples sector index, up 1%, and the financial sector, also up 1%. The only decliner was the energy sector index, down 0.4%.
The overall market showed further signs of strength despite the S&P 500 rising to a record for the fourth session in a row. The broad market index has recorded 15 new closing highs this year.
An options gauge looking at the level of anxiety showed signs that investors are placing optimistic wagers on the stock market, positioning for the current run-up to extend for the next three months.
Equities have rallied in recent weeks as investors bet that central bank stimulus measures will keep supporting market gains.
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Such policies have helped spur advances of about 15% in major US indexes this year despite data showing some signs of lackluster growth.
In the latest reads on the economy, activity in New York state's manufacturing sector unexpectedly contracted in May. Another report showed that US industrial production fell more than expected in April.
"It's disconcerting that the data was so much lower than what we were looking for, but there's no reason for investors to sell," said Michael Binger, senior portfolio manager at Gradient Investments in Minneapolis.
"The main things driving the market - the Fed, earnings, consumer confidence - are holding up, and people put money in the market on any down day. I still see a lot of value."
The Dow Jones industrial average rose 60.44 points, or 0.40%, to close at a record 15,275.69. The Standard & Poor's 500 Index added 8.44 points, or 0.51%, to finish at a record 1,658.78. The Nasdaq Composite Index gained 9.01 points, or 0.26%, to close at 3,471.62.
During the session, the Dow touched an all-time intraday high at 15,301.34, while the S&P 500 reached a record intraday peak at 1,661.49. Earlier, the Nasdaq had hit a fresh 52-week high at 3,475.48.
Cisco Systems Inc
In signs that the rally may strengthen from the current levels, the Credit Suisse Fear Barometer, known as the CSFB Index, fell 11.4 points over the past two weeks - the largest decline on record - and is now at a one-year low of 21.73.
"A low CSFB reading is a constructive signal for the market," Credit Suisse equity derivatives strategist Mandy Xu wrote in a note to clients.
The indicator essentially tracks the willingness of investors to pay for downside protection with zero-premium so-called collar trades that expire in three months, using S&P 500 index options.
Agilent Tech
Tech shares also got a lift from Netflix Inc
Shares of Bristol-Myers Squibb
In other data released on Wednesday, the US Producer Price Index recorded its largest drop in three years in April, falling a seasonally adjusted 0.7%.
Volume was roughly 6.6 billion shares on the New York Stock Exchange, the Nasdaq and the NYSE MKT, above the average daily closing volume of about 6.3 billion this year.
Advancers outnumbered decliners on the NYSE by a ratio of 8 to 7, while on the Nasdaq, about 14 stocks rose for every 11 that fell.