US stocks continued on an upward trend Wednesday (15 February), closing at record highs for a fifth straight session. All three major indices posted the longest record-setting streak since January 1992 following President Donald Trump's promise of a "massive" tax plan.

The Dow Jones Industrial Average jumped 107.45 points, or 0.5%, to settle at 20,611.86. Gains in the blue chip gauge were led by Procter & Gamble Co, whose shares rose 3.7% after investor Trian Fund Management LP revealed a $3bn stake in the company, MarketWatch reported.

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CNBC noted that official filings released Tuesday (14 February) showed a number of US hedge fund investors transferred significant parts of their portfolios into the financial and pharmaceutical sectors.

The S&P 500 index rose 11.67 points, or 0.5%, to finish at 2,349.25. A rise of nearly 1.2% in healthcare stocks led the S&P higher at the close of the session. The financials sector also contributed to gains, rising 0.7% on Wednesday.

Meanwhile, the Nasdaq Composite gained 36.87 points, or 0.6%, to end at 5,819.44. MarketWatch reported the tech-heavy index closed at a record for a seventh session in a row, marking the longest similar streak since 27 December 1999.

Trump's comments on Wednesday echoed those made earlier in February when he promised to deliver a "phenomenal" tax plan. The president said that his administration is "focused on the issues that will bring economic growth. That's what we're all about."

In economic news, the consumer price index (CPI) gained a more-than-expected 0.6% in January, CNBC reported. Retail sales also rose at a faster pace than what was expected, gaining 0.4% in January.

Following the inflation report, economist at Goldman Sachs and JPMorgan raised their expectations of a rate hike for March or May. Federal Reserve Chair Janet Yellen testified in front of Congress on Tuesday and raised expectations for a rate hike in March, saying it would be "unwise" for the Fed to delay.

Gold futures for April delivery rose $7.40 to settle at $1,233.10 an ounce. Meanwhile US crude oil for March delivery dropped $0.09 to $53.11 a barrel.

The dollar moved lower against a basket of currencies, with the euro near $1.06 and the yen 114.1 against the greenback. US Treasury yields jumped after the data releases, with the short-term two-year yield at 1.26% and the 10-year yield climbing above 2.5%.