S&P 500 closes above 5,600 for 1st time in history as US stocks rally

The S&P 500 on Wednesday closed above the 5,600 record-high level for the first time in history as US stocks rallied.

The index increased to the all-time high level of 5,600.76 level at 12.06 p.m. EDT (1606GMT). It finished the day with a gain of almost 57 points, or 1.02%, at 5,633.91.

The index, which includes around 80% of the total market capitalization of publicly traded companies in the US, has been closing at record-high levels for six straight days, and posting gains in 10 of the last 11 trading days.

The Nasdaq also ended the session at an all-time closing high of 18,647.45 points, with an increase of 218 points, or 1.18%.

The Dow Jones, meanwhile, rose 429 points, or 1.09%, to end the day at 39,721.36.

The VIX volatility index, also known as the fear index, rose 2.7% to 12.85. The 10-year US Treasury yield lost 0.42% to 4.280%.

The dollar index shed 0.1% to 105.01, while the euro added 0.16% to $1.0829 against the greenback.

Precious metals were in positive territory, with gold rising 0.34% to $2,372 per ounce and silver increasing 0.12% to $30.83.

Oil prices were up around 1%, with global benchmark Brent crude at $85.36 and US benchmark West Texas Intermediate at $82.42.