The Dow and S&P 500 closed at record highs after the European Central Bank cut rates to record lows and outlined further accommodative monetary policy.

The Dow Jones industrial average rose 98.58 points, or 0.59 percent, to 16,836.11. The S&P 500 gained 12.57 points, or 0.65 percent, to 1,940.45. The Nasdaq Composite added 44.59 points, or 1.05 percent, to 4,296.23.