"The bull lives on," said Peter Cardillo, chief market economist at Rockwell Global Capital. Stocks were being propelled by a sense of economic confidence, especially regarding the job market, he said.
U.S. stocks were on fire Tuesday. Both the Dow and S&P 500 broke records while the Nasdaq closed 1.1% higher. This was the Dow's 12th record close this year.
2. Economic data to watch: There's a handful of economic data releases due Wednesday morning. The most influential could be the ADP employment report for June due at 8:15 a.m. ET, providing a preview to Thursday's jobs figures.
Then at 10 a.m., the U.S. government will report the monthly change in factory orders for May.
3. Yellen speaks, markets listen: The head of the Federal Reserve, Janet Yellen, will be speaking at the International Monetary Fund at 11 a.m. Investors will be watching for clues as to how long the Fed will wait to raise interest rates once its bond-buying program ends later this year.
4. Potential stock movers -- JPMorgan, AbbVie: Investors will be watching JPMorgan(JPM) shares after CEO Jamie Dimon announced he was diagnosed with a curable throat cancer. He will continue working as he undergoes treatment.
Shares in the pharmaceutical firm AbbVie(ABBV) were volatile in premarket trading. The company has been looking to take over rival Shire(SHPG) in the U.K. but has faced continued resistance from Shire's management.