(CNBC) — U.S. stocks kicked off the new year on a high note on Tuesday as Wall Street bet on another strong year for equities.

The S&P 500 gained 0.8 percent to notch intraday and closing records, with consumer discretionary, energy materials and tech all rising more than 1 percent.

The Nasdaq composite advanced 1.5 percent, also hitting record highs. The index also closed above 7,000 for the first time.

Note: Read our discussion guidelines before commenting.