Wall St sees fresh record high

United States stocks have reaped the benefits of a broad market rally, with the benchmark S&P 500 index soaring to yet another record level. The index has since drifted from highs and only narrowly missed a record close. 

The moves came despite little in the way data or earnings results to guide the market.

At the closing bell, the Dow Jones Industrial Average advanced 105.85 points, or 0.66%, to 16,209.13. The index is now just 2% off its peak levels, which were reached at the end of last year.

The broad-based S&P 500 lifted 11.46 points, or 0.62%, to 1,847.71, after earlier surging 21.48 points, or 1.17%, to a new peak of 1,857.73

The S&P 500 previously hit an intraday record high of 1850.84 on January 15 this year. Its highest closing level is 1848.38, which was set on the same day.

The tech-heavy Nasdaq Composite Index jumped 29.56 points, or 0.69%, to 4,292.97.

Stocks starting the day marginally higher as investors seemed to strike a cautious note ahead of key data reads later this week, which include US consumer confidence and the second estimate of fourth quarter GDP.

The market is also eagerly awaiting the latest insight into the US consumer through retail sales numbers from giants Macy's and Best Buy.

While there was little in the way of data, investors seemed impressed by the recent flow of M&A activity, with two $US1 billion dollar-plus announced on the back of last week's mammoth $US19 billion purchase of What'sApp by Facebook Inc.

There was also good news in Europe, with German business confidence touching a two-and-a-half year high. This was partially offset, however, by new indications that the eurozone could be tilting toward deflation.

The positive action on markets spread into the commodities space, with silver, oil and gold all up 1%. Copper was the laggard, moving in the opposite direction on fears the weakening Chinese yuan could hurt demand.

In currency markets, the bullishness on markets pushed the Australian dollar back above 90 US cents.