Meanwhile, the Russell 2000 index and the S&P MidCap 400 index both reached an all-time high.
"While it may seem like the market's rallied too far too fast, we continue to think that the major averages will follow the small and mid-cap leadership to make all-time highs this year," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research. "The risk-on trade is there."
(Read More: This Could Be Threshold of a Bull Market: Lloyd Blankfein )
President Barack Obama is scheduled to deliver his annual address at 9 pm ET, and will outline policy goals for his second term. He is expected to focus on the "sequester" of automatic spending cuts that will kick in after March 1 if Congress takes no action to stop them.
(Tune In: The State of the Union Will Air Live on CNBC )
"Everyone's expecting a campaign speech from Obama," said Brian Battle, vice president of trading at Performance Trust Capital Partners. "It will be interesting to see the specifics of how big of an agenda he has an his time frame—that will set the tone for the sequestration spending talks that will happen in the next two weeks."
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