President Donald Trump wants lawmakers to pass the long-anticipated tax cut plan, which allows for about $1.5 trillion in tax cuts, by the end of the year.

Prospects for lower US taxes have helped Wall Street to numerous records this year, but the plan still faces a long haul in Congress.

Data releases showed US consumer confidence hit a 17-year high in October, while sales of single-family homes spiked in September, hitting their highest level in a decade.

The Dow Jones Industrial Average finished up 0.1 percent at 23,377.24.

The broad-based S&P 500 advanced 0.1 percent to 2,575.26, while the tech-rich Nasdaq Composite Index jumped 0.4 percent to 6,727.67, a new all-time high.

Analysts are also looking ahead to a policy announcement Wednesday from the Federal Reserve following a two-day meeting. While the Fed is expected to keep monetary policy unchanged, the announcement will be scrutinized for the likelihood of a December interest rate increase.

Key gainers in the Nasdaq included Apple, which rose 1.4 percent ahead of an eagerly anticipated launch of its new iPhone, and Tesla Motors, which gained 3.6 percent ahead of its earnings release Wednesday.