NEW YORK (MarketWatch) -- U.S. stocks rallied into the close on Wednesday, resulting in record finishes for the S&P 500 and Dow industrials. The S&P 500 jumped 14.31 points, or 0.8%, to 1,782, topping its prior record close on Oct. 29. The Dow Jones Industrial Average climbed 70.96 points, or 0.5%, to 15,821.63, besting Monday's record close. Each index also scored an all-time intraday high. The Nasdaq Composite advanced 45.66 points, or 1.2%, to 3,965.58. Some market observers pinned Wednesday's positive reversal on hopes about Janet Yellen's testimony at a Senate confirmation hearing on Thursday.