The Dow Jones index closed above 15,000 for the first time as strong German factory data pushed US and European share markets higher.
The Dow rose 87 points to 15,056. It has been rising rapidly over the past six months, and was boosted by better-than-expected jobs figures last week.
Other world markets also gained, with Germany's Dax hitting a fresh record, rising 70 points to 8,182.
Hopes of further central bank action to boost growth also lifted sentiment.
Earlier on Tuesday, the Reserve Bank of Australia cut its benchmark interest rate to a record low 2.75%.
This followed comments on Monday from Mario Draghi, head of the European Central Bank, that the ECB stands "ready to act again" if necessary, after cutting interest rates last week.
London's FTSE 100 was up 0.6% and France's Cac 40 rose 0.4%.
Earlier, Japan's Nikkei 225 index went above 14,000 for the first time since mid-2008 as government efforts to weaken the yen boosted exporters.
'Credit' the economy
US markets have been on a winning streak recently, lifted by good economics data. Most recently, Friday's labour market data showed that 165,000 jobs were created in the US in April, some 20,000 more than expected.
The Standard & Poor's 500 closed at a record high for the fourth day in a row on Tuesday, up eight points to 1,625.
"We don't think people are giving enough credit to the strength of the economy,'' said Ryan Detrick, a senior technical strategist at Schaeffer's Investment Research.
Tuesday's market gains were also boosted by some positive earnings results by accessories retailer Fossil Inc and DirecTV.
Both the Dow and the S&P 500 have now gained 20% since November.
Source: BBC 5/08/2013
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