Its all-time closing high was 18,312.39 in May 2015.
The Dow was up 119 points, or 0.7 percent, to 18,346.
The Nasdaq Composite .IXIC was up 36.21 points, or 0.73 percent, at 5,024.85, and moving into positive territory for the year. The S&P 500 gained 16 points, or 0.8 percent, to 2,153.
Energy stocks led the upside in the stock market today, thanks to a 4.5% jump in West Texas Intermediate oil prices to $46.79 a barrel.
The S&P 500 and the Dow climbed to record intraday highs as the Nasdaq wiped out its losses for the year, buoyed by increasing prospects of global economic health and the United States earnings season kicking off to a promising start. The S&P has soared 17.7 percent since reaching a low for the year of 1,829 on February 11.
The stock gains show that investors are willing to take on more risk.
In the bond market, treasuries moved significantly lower, pulling back further off their recent highs.
In monetary policy, the Bank of Canada (BoC) will hold its June interest rate meeting.
Autos and banks were among the top gainers, up 3.8 per cent and 3.3 per cent respectively.
Implied volatility is at its lowest level of the year, a sign that the latest stock rally had room for additional upside.
Yields rose as expectations of new stimulus in Japan boosted stocks and reduced demand for safe-haven bonds, and ahead of this week's new supply.
"I wish we can be celebrating, but it's a little disconcerting", said Rob Bartenstein, chief executive of Kestra Private Wealth Services. "You've got government bonds at historical lows and equity markets at historical highs". Cote notes that If in fact earnings are down as expected, it would be the first time since 2009 we have seen five consecutive quarters of year-over-year earnings declines. "I feel underinvested, but I'm not willing to chase stocks".
Alcoa reported a smaller-than-expected drop in quarterly profit, sending the aluminium producer's shares up 4.7 per cent and helping boost optimism about the earnings season. The index has gained 5.3 percent this year, led by advances of at least 20 percent in shares of Exxon Mobil Corp. and Verizon Communications Inc.
"If estimates are correct, year-over-year earnings growth for S&P 500 returns to a positive trajatory in the third quarter of this year", Russell said.
Seagate Technology surged $5.26, or 21.8 percent, to $29.35 after forecasting strong sales. It also announced it will cut 6,500 jobs, about 14 percent of its total. And the federal Energy Information Administration reiterated in its short-term energy outlook that USA crude oil production, which averaged 9.4 million barrels per day in 2015, would continue to slide to an average of 8.6 million barrels a day in 2016 and 8.2 million barrels a day in 2017.
Brent crude was last up $1.20 at $47.45 a barrel.
Many analysts were sounding optimistic on the news, with some even declaring that the record high prices indicate even greater stock-price heights to come.
ASIAN GAINS: South Korea's Kospi edged up 0.1 percent and Hong Kong's Hang Seng added 1.7 percent.
The pan-European STOXX Europe 600 index and the similar FTSEurofirst 300 index both rose 1.1 per cent, marking out their fourth straight day of gains. Britain's FTSE 100 was the laggard, falling 0.1%. Australia's S&P/ASX 200 rose 0.3 percent.