Stocks enjoyed steep gains Wednesday, pushing the Dow and S&P to close at new record highs.
Investors started buying early in the day, after the Federal Reserve's minutes showed that most members think asset purchases should continue through at least mid-2013.
"People still think that we will have QE in perpetuity," said Douglas DiPietro, head of trading at Evercore.
Don't fight the Fed:The minutes, which were released five hours early, showed that central bankers remain divided over whether quantitative easing should be continued longer-term. But that didn't appear to worry investors.
The Dow hit a new trading high of 14,826.66, moving up 0.9%. The S&P 500 finally topped its 2007 intraday record high, gaining 1.2% to a new record of 1,589.07.
Several analysts and traders said that Wednesday's surge came mostly from investors not wanting to miss any more legs of the rally. Outside of the Fed minutes, there was no clear catalyst for the surge.
"The path of least resistance is to push the market higher," said DiPietro.
Home builder Taylor Morrison(TMHC) jumped 5% in its public debut, after the initial public offering priced at the high end of its range.
Bitcoin bubble bursting? The price of a Bitcoin, the virtual currency craze that many speculated was a bubble, dropped as much 60% Wednesday. After hitting a high of $266 earlier in the day, Bitcoin fell as low as $105.
In the world of real paper currencies, the dollar and euro were up against the Japanese yen but fell against the British pound.