17.01.201821:25:00UTC+00Wall Street Rallies as Dow Hits Close Above 26,000 Points

U.S. stocks traded higher on Wednesday following the release of stronger-than-expected quarterly results which drove the Dow Jones industrial average to end above 26,000 points for the first time.

The sharp gains also propelled record peaks for the Standard & Poor's 500 index and the Nasdaq composite, paring the market's modest losses from the previous day.

The Dow Jones industrial average advanced 322.79 points, closing above 26,000 for the first time. The index first broke above the milestone mark on Tuesday.

The S&P 500 rose 0.9 percent to 2,802.56, with staples and tech climbing over one percent. The index also posted a record close. The Nasdaq composite gained one percent to close at 7,298.28, a record.

Tech stocks got a boost from Apple, which pared losses after announcing plans to repatriate billions in overseas cash. The stock closed 1.7 percent higher. Lam Research also led the S&P 500 with a gain of 7.7 percent.

Investors also bid up health care stocks, including Anthem. The insurer climbed 3.1 percent.

Juno Therapeutics jumped 51.9 percent after the Wall Street Journal reported that biotech drugmaker Celgene might buy it. Juno is one of several companies developing therapies that involve genetically engineering patients' blood cells to fight cancer. Celgene dropped 2.7 percent.

Financials stocks also advanced, even as some big banks dropped after reporting sharp quarterly losses. Bank of America reported adjusted quarterly earnings that surpassed analyst estimates. U.S. Bancorp also posted better-than-expected results.