Stocks initially slipped after Commerce Department data showed applications for building permits fell by the biggest amount in 17 years during April punctured an early rally, but they gradually regained strength.

But The market found support from a Federal Reserve report that showed industrial output rose by more than expected in April, and a rebound in U.S. crude and gasoline inventories that caused crude oil prices to pull back. News that billionaires Warren Buffett and Edward Lampert were upping their equity investments also gave investors confidence that stocks have further to climb, although the Dow has risen more than 1,300 points in the past two months.

Investors seem to be choosing to take weak housing data in stride; a lackluster read on home sales on Tuesday upended a big rally in stocks that sent the Dow Jones industrials briefly above 13,400 for the first time, but the market quickly regained its footing Wednesday.

"We seem to be in a period of time where it doesn't make a difference what the news is — the market seems to find a reason to go up," said Ron Kiddoo, chief investment officer at Cozad Asset Management. "How long will this last? It's anybody's guess."

According to preliminary calculations, the Dow rose 103.69, or 0.77 percent, to 13,487.53, to its 23rd record close of the year. It also had a new trading high, 13,488.91.

Broader stock indicators also advanced. The Standard & Poor's 500 index gained 12.95, or 0.86 percent, to 1,514.14, and the Nasdaq composite index rose 22.13, or 0.88 percent, to 2,547.42.

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