Tech stocks continued their winning streak, closing at a record level. Afterpay was the biggest gainer in the index, marking a record closing level for the fourth session in a row.
"If the coal issue with China is resolved early in the new year, it would relax the market in relation to other commodities that are exported to China," Smoling added.
Major averages on Wall Street touched record levels on Tuesday while gold prices rose to a two-week peak, buoyed by growing expectations of more US fiscal stimulus.