Wall Street stocks surged to fresh records Tuesday after a key Senate committee advanced the Republican tax cut plan, moving the long-awaited measure closer to the finish line.

All three major US indices set new records by the closing bell, with the  Dow Jones Industrial Average up 1.1 percent to 23,839.26.

The broad-based S&P 500 gained 1.0 percent to end the day at 2,627.20, while the tech-rich Nasdaq Composite Index advanced 0.5 percent to 6,911.07.