The Dow Jones Industrial Average closed above 20,000 for the first time in history on Wednesday, and Canada's main stock index briefly traded above its all-time record close, hitting 15,673.90 points at 10:20 a.m ET. 

The Dow traded above 20,000 for the entire trading day hitting a low of 20,004.83 within the first 15 minutes of trading. The TSX, meanwhile, did not traded above 15,650 after 11:20 a.m. ET.

The TSX did not eclipse its all-time intra-day trading high of 15,685.13 nor did it close above its all-time closing high of 15,657.63.

U.S. stocks climbed on Wednesday as solid earnings and optimism over President Donald Trump's pro-growth initiatives revitalized a post-election rally.

Trump has made several business-friendly decisions since taking office on Friday, including signing executive orders to reduce regulatory burden on domestic manufacturers and clearing the way for the construction of two oil pipelines.

The S&P 500 and the Nasdaq Composite indexes also closed at record highs for a second consecutive session.

The Dow came within a point of the historic mark on Jan. 6, as investors banked on pro-growth policies and tax cuts many expect from the new administration.

However, the index had struggled in recent weeks as investors awaited clarity on the new administration's policies grew cautious.

"It was definitely a milestone that the market has been focused on for really the better part of two months and you were starting to get a little bit of anxiety as to whether it was going to be surmounted or not," said Julian Emanuel, equity strategist at UBS in New York.

"We are particularly encouraged to see financials acting well again because they have been the leadership."

Trump marked the moment with a tweet from the official account of the office: "Great!#Dow20K."

Sentiment was also lifted by better-than-expected fourth-quarter earnings. Of the 104 S&P 500 companies that have reported results through Wednesday morning, nearly 70 per cent have beaten expectations, according to Thomson Reuters I/B/E/S. Earnings are expected to show growth of 6.8 per cent for the quarter, the strongest in two years.

The 42-session surge from the Dow's first close above 19,000 marks the second-shortest length of time between such milestones.

The most rapid rise was between 10,000 and 11,000 from March 29 to May 3, 1999, which took 24 days. The rise from 18,000 to 19,000 took the Dow 483 trading sessions.

The surge since Nov. 22, when the index closed above 19,000 for the first time, has been spearheaded by financial stocks, with Goldman Sachs and JPMorgan accounting for roughly 20 per cent of the gain.

On Wednesday, Boeing hit a record high of US$168.65 on strong earnings, giving the Dow its biggest boost before closing up 4.2 per cent at US$167.36 per cent gain.

The Dow Jones Industrial Average rose 155.80 points, or 0.78 per cent, to close at 20,068.51, the S&P 500 gained 18.30 points, or 0.80 per cent, to 2,298.37 and the Nasdaq Composite added 55.38 points, or 0.99 per cent, to 5,656.34.

A 1.7 per cent rise in financials paced the advance for the S&P 500, while names sensitive to a climb in interest rates — utilities, real estate and telecoms — lost ground.

Advancing issues outnumbered declining ones on the NYSE by a 1.82-to-1 ratio; on Nasdaq, a 2.38-to-1 ratio favored advancers.

The S&P 500 posted 81 new 52-week highs and one new low; the Nasdaq Composite recorded 201 new highs and 13 new lows.

About 7.03 billion shares changed hands in U.S. exchanges, higher than the 6.37 billion daily average over the last 20 sessions.

TSX FLIRTS WITH ALL-TIME HIGHS

Canada's main stock index edged toward an all-time high on Wednesday, boosted by financial stocks as bond yields rose and by energy stocks in the wake of U.S. President Donald Trump's move to advance two major pipeline projects.

The Toronto Stock Exchange's S&P/TSX composite index closed up 33.15 points, or 0.21 per cent, at 15,643.84, just off its September 2014 record peak of 15,685.13.

The move towards that record came as the Dow Jones Industrial Average closed above 20,000 for the first time, helped by solid earnings and as optimism over Trump's pro-growth initiatives revitalized a post-election rally.

"Canada will benefit from a better U.S. economic environment," said Kevin Headland, senior investment strategist at Manulife Investments. "The pro-pipeline stance is just another benefit that I think Trump and the Republican Party is going to provide to Canada."

TransCanada Corp rose 0.4 per cent to $64.47, adding to an all-time high the stock hit on Tuesday, when Trump's executive order put its Keystone XL pipeline back into play.

The pipeline would help Canadian oil sands producers tap the world's largest refining market for their oil and boost the price they get for their crude.

The broader energy group also rose 0.4 per cent, even as oil prices slipped on signs that growing U.S. shale production would reduce the impact of cuts by OPEC and other major exporters.

The most influential gainers on the index included some of its biggest banks and insurers, with Royal Bank of Canada up 0.7 per cent to $93.99 and Manulife Financial Corp advancing 1.5 per cent to $25.38.

"Most insurance companies in Canada typically trade off the U.S. Treasury curve," Headland said. "We saw the 10-year move up higher, that helps the Canadian insurers." 

Benchmark U.S. yields hit a four-week high as Wall Street's key indexes posted record highs amid investor optimism about the economy and the policies of the administration of President Donald Trump.

The financials group, which accounts for more than a third of the index's weight, gained 0.7 per cent.

Gold miners held the Canadian index back, as investors shunned bullion, typically seen as a safe haven.

Shares in Canadian National Railway Co fell 2.5 per cent to $91.38, as the country's largest railway company reported earnings that beat expectations but pointed to moderate volume growth in 2017.

Six of the TSX's 10 main groups rose, with two advancers for every decliner and 22 stocks posting new 52-week highs.
 

​Follow the TSX and Dow Jones’ pursuits of historic highs as well as the biggest intra-day movers at BNN.ca/markets.