a five-day winning streak as stocks built on gains from the previous session.

U.S. stocks closed higher on Tuesday, building on strong gains from their previous session. The Dow Jones industrial average rose 84.07 points to 22,641.67, setting intraday and closing records, with 3M contributing the most to the gains. The 30-stock index also posted a five-day winning streak. The finished 0.2 percent higher at 2,534.58 and notched a record close; it also rose for the sixth straight session. Airline stocks Delta and United Continental were the best performers in the S&P, advancing 6.6 percent and 6.1 percent, respectively. The Nasdaq composite advanced 0.2 percent to close at 6,531.71, and also hit a record high.

Major U.S. Indexes

"I think this rally is probably going to extend itself," said Peter Cardillo, chief market economist at First Standard Financial. "There are a lot of challenging factors out there, but equities seem to brush that aside." "If we have a positive week, that could set the tone for what we could see the rest of the year," Cardillo said.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York. Brendan McDermid | Reuters