The Dow Jones industrial average closed at an all-time high on Wednesday as investors bet the U.S. economy's momentum would continue.

The U.S. economy has picked up steam this year, growing at an annualized rate of more than 3 percent each of the past two quarters.

"There's a lot of momentum" in the U.S. economy and that's being reflected in stocks, said Randy Frederick, vice president of trading and derivatives at Charles Schwab. "I can't think of anything other than a black-swan event that would derail it."

The Commerce Department released its second read on third-quarter U.S. GDP, which showed the economy expanded at an annualized rate of 3.3 percent. The number matched estimates and surpassed an initial read of 3.0 percent growth.

UnitedHealth and JPMorgan Chase were the best-performing stocks in the Dow, which jumped 103.97 points to close at 23,940.68.