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The Dow Jones industrial average reached an all-time high Wednesday, closing above 21,000 for the first time, following President Donald Trump's speech to Congress.

Trump's speech, which was delivered Tuesday night, was widely praised for its positive tone but lacked specifics about tax reform and deregulation, two key components of the market's post-election rally.

"A lot of people say this is euphoria, but [it] doesn't feel like it," said Eddie Perkin, chief equity investment officer at Eaton Vance. "It feels like people are reluctantly buying stocks."

"That's why I'm a little wary," he said.

The Dow advanced about 330 points with Goldman Sachs contributing the most gains. The 30-stock index first closed above 20,000 on Jan. 25.

The S&P 500 climbed 1.5 percent, with financials rising 3 percent to lead advancers, and briefly broke above 2,400 for the first time. The index closed above 2,300 for the first time on Feb. 9.

The Nasdaq jumped 1.4 percent.