The Dow Jones industrial average closed above the 19,000 mark for the first time in its 120-year history on Tuesday.

All four major market indexes in the US closed at record highs for the second day in a row in a post-election boost sparked by Trump's win.

Discount store chains are leading the way with big gains while health care companies are slumping after weak earnings from medical device maker Medtronic.

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The Dow Jones industrial average closed above the 19,000 mark for the first time in its 120-year history on Tuesday

The Dow picked up 67.18 points, or 0.4 percent to close at record high of 19,023.87.

The Standard & Poor's 500 index inched up 4.76 points, or 0.22 percent, to 2,202.94, while the Nasdaq composite gained 17.49 points, or 0.33 percent, to 5,386.35.

The Russell 2000 gained 0.54 percent to 1329.37, for the 13th straight gain in a row - its longest since a 15-day stretch in 1996.

While indexes are setting records, trading volume is far lighter than it was shortly after the presidential election two weeks ago.

But markets have been on the uptick in the past two weeks, and Donald Trump's win may signal a boon for Wall Street, with promises of corporate tax cuts and deregulation.

Robert Pavlik, chief market strategist at Boston Private Wealth in New York, said the rally that started in financials and industrials just after the election is spreading to other sectors.

Donald Trump's win may signal a boon for Wall Street (pictured Tuesday)

'You're seeing some strength across the board. That's a healthy sign and indicates to me that we're in a bull market,' he said.

'The market started to give up some gains last week, but that didn't increase selling pressure. It actually drew people back in.'

It remains to be seen whether the markets will sustain strong earnings once Trump is in office.

But Don Luskin at the investment firm TrendMacro told USA Today: 'Whatever else the future holds, Trump has already made the U.S. stock market great again.'

Shoppers continued to flock to discount stores, with Dollar Tree raising its profit and sales forecasts after the chain reported solid results in the third quarter. It jumped $6.69, or 8.16per cent to $88.68.

Burlington Stores also raised its outlook after it posted a larger profit than analysts expected.

Other retailers like Signet Jewelers, Urban Outfitters and Target also rose as consumer stocks reached to all-time highs.

Shoppers continued to flock to discount stores, with Dollar Tree raising its profit and sales forecasts after the chain reported solid results in the third quarter

Health care stocks, on the other hand, are still trading lower than they were at the start of this year.

Medical device maker Medtronic sank $6.98, or 8.66 percent, to $73.60 after it disclosed disappointing sales and cut its profit guidance.

Health care products giant Johnson & Johnson slid $2.26, or 1.97 percent, to $112.74 and Abbott Laboratories, which makes infant formula, drugs and medical devices, gave up $1.66, or 4.18 percent, to $38.10.

Matt Miksic, a medical device analyst for UBS, said some investors worried that Medtronic's results mean a lot of drug and medical device companies will face slower growth.

Miksic said Medtronic reported weak sales 'across pretty much every one of their categories in the U.S.'