The TSX has seen four straight record closes and seven straight winning sessions as it continues to build on its post-election momentum.

Canada's benchmark stock index rose for the seventh straight day on Wednesday to a record high close, led by gains for its financial services group after strong economic data from both Canada and the United States.

The Toronto Stock Exchange's S&P/TSX composite index ended up 58.92 points, or 0.37 per cent, at 15,844.95, a record close.

"People are trying to run with the herd and I guess the big danger is that when you run with the herd you might get trampled at some point," said Michael Sprung, president at Sprung Investment Management.

The index has rallied more than 37 per cent since hitting a three-year trough in January last year.

"One's got to be very conscious of valuation and what they're paying for securities," Sprung said.

Data showed Canada's manufacturing sales jumped in December for the second month in a row, and that U.S. inflation and retail sales climbed in January, helping to push bond yields higher.

Higher bond yields, which reduce the value of insurance companies' liabilities and increase banks' net interest margins, have helped underpin financials since the U.S. presidential election on Nov. 8, with the sector up more than 14 per cent in that time.

Royal Bank of Canada rose 1.1 per cent to $98.53, while the overall financials group climbed 0.8 per cent.

"We are just coming into a bank reporting season. We may see dividend increases but nevertheless I think people have been pretty complacent about the banks," said Sprung.

Energy shares gained 0.7 per cent as oil mostly held its ground after U.S. stockpiles soared to a record high.

U.S. crude prices settled nine cents lower at US$53.11 a barrel.

Nine of the index's 10 main groups rose.

The telecoms group climbed 1.8 per cent, led by a 5.1 per cent gain for Manitoba Telecom Services Inc to $39.52 after Canada's business competition watchdog asked BCE Inc to divest some assets to gain approval of its deal to buy the company.

Industrials added 0.9 per cent, with CAE Inc climbing 6.6 per cent to $20.24 after Desjardins raised its target price and rating on the stock.

Teck Resources Ltd reported a better-than-expected quarterly profit, but weaker demand at the start of the year spooked investors.

Its shares plunged more than 10 per cent to $29.32, while the materials group, which includes precious and base metals miners and fertilizer companies, lost 1.2 per cent even as copper and gold prices rose.

U.S. MARKETS

Meanwhile, Wall Street also pushed further into record-high territory on Wednesday, with the S&P 500 notching a seven-session winning streak, helped by a round of robust economic data and ongoing optimism that President Donald Trump will cut corporate taxes.

Bigger-than-expected rises in retail sales and consumer prices in January reinforced confidence that the economy is growing at a solid pace following the strongest quarterly corporate earnings growth in over two years.

In a meeting with top executives from U.S. retail companies, Trump said he would lower taxes substantially and simplify the tax code, echoing a vow he made last week and on the campaign trail.

Optimism that lower taxes and corporate deregulation will expand the economy pushed the three major indexes to all-time highs. The S&P 500 recorded its fifth straight record close and its longest non-stop winning streak since September 2013, even as some investors worried that Trump so far has provided no substantial details of his tax plan.

Federal Reserve Chair Janet Yellen, in testimony before the House Financial Services Committee, stood by the stance she took on Tuesday that the U.S. central bank was on track to raise interest rates at an upcoming policy meeting.

"A year ago, if Janet Yellen had come out with the statement she made, the market would have freaked out because the fundamentals were very soft," said Brad McMillan, chief investment officer at Commonwealth Financial Network. "Now, if the Fed raises rates it's not going to shake the world because people are confident enough about the fundamentals."

The healthcare index was the top gainer, up 1.17 per cent.

Financial stocks, which benefit from higher rates, rose 0.74 per cent. The utilities and real estate sectors, both of which do worse in high-rate environments, fell 0.39 per cent and 0.30 per cent respectively.

The Dow Jones Industrial Average rose 0.52 per cent to end at 20,611.86. The S&P 500 gained 0.50 per cent to 2,349.25 and the Nasdaq Composite added 0.64 per cent to 5,819.44.

Fourth-quarter earnings for S&P 500 companies have risen about 7.2 per cent, the strongest expansion since the third quarter of 2014, according to Thomson Reuters data. Analysts on average expect S&P 500 earnings for the first quarter to rise 10.7 per cent.

Procter & Gamble jumped 3.71 per cent to a two-year high, giving the biggest boost to the Dow and the S&P, after Trian Fund disclosed a stake, which could pressure the company to slice costs and slow-growing divisions.

Shares of Southwest, United Continental, American Airlines and Delta rose between two per cent and four per cent after Warren Buffett's Berkshire Hathaway reported investments topping US$2.1 billion in each of the carriers.

Advancing issues outnumbered declining ones on the NYSE by a 1.44-to-1 ratio; on Nasdaq, a 1.79-to-1 ratio favored advancers.

The S&P 500 posted 80 new 52-week highs and two new lows; the Nasdaq Composite recorded 156 new highs and 27 new lows.

About 7.0 billion shares changed hands on U.S. exchanges, above the daily average of 6.8 billion over the last 20 sessions.