(Close): The Dow Jones industrial average has closed above 16,000 for the first time.
The average was buoyed by a report showing fewer Americans were looking for work, as well as surging tech stocks, which also pushed the Nasdaq average higher.
The Dow Jones rose 109.17 points to 16,009.99, and the Nasdaq index rose 47.88 points to close at 3969.15.
The S&P 500 also rose, adding 14.48 points to 1,795.85.
The US Labor Department said that initial claims for unemployment benefits fell by a better-than-expected 21,000 to a seasonally adjusted 323,000 last week.
Further good news came from the latest US manufacturing Purchasing Managers' Index (PMI) by research firm Markit, which rose to an eight-month high of 54.3, from 51.8 in October. A figure above 50 implies expansion.
Higher and higherThe record-breaking Dow Jones close comes shortly after the index broke 16,000 for the first time on Monday, before dipping below the threshold later in the day.
US stock markets have been rising rapidly in recent months, pushed upwards by strong corporate earnings and continued stimulus from the Federal Reserve, which has kept in place its $85bn a month bond buying programme for longer than many analysts had been expecting.
During Senate hearings last week to confirm her as the next head of the central bank, nominee Janet Yellen indicated her intention to continue the Fed's efforts to prop up the US economy for as long as necessary.
The bond buying programme has kept interest rates low, which has encouraged investors to put their money in stock markets in the hopes of getting a higher return.
Winners and losersHowever, not all stocks contributed to the rally.
Discount retailer Target's stock slid after the company reported disappointing earnings, and Dollar General's shares also declined after an earnings miss.
Retailers have warned that holiday season sales - typically the biggest time of the year for most firms - might be disappointing.
However, General Motors shares rose after the US Treasury indicated it would sell its remaining stake in the car manufacturer. The company was forced to take a bailout from the US government during the depths of the 2008-2009 recession.
Shares in Apple traded slightly higher after the company won one of its many battles against rival Samsung. A California jury found that Samsung must pay Apple $290m for copying the technology used in Apple's iPhones and iPads.
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