U.S. stock prices surged to new highs on Tuesday as central banks of major countries are likely to continue efforts to resuscitate the economy.

At the New York Stock Exchange, the Dow Jones Industrial Average shot up 87-point-31 points to close at 15-thousand-56-point-20 on Tuesday.

The S&P 500 index rose eight-point-46 points to one-thousand-625-point-96 while the tech-heavy Nasdaq composite index jumped three-point-66 points to close at three-thousand-396-point-63.

Both the Dow Jones Industrial Average and S&P 500 index posted new record highs on Tuesday.

Market observers attribute the records to the European Central Bank slashing its main interest rate last week and the U.S. Federal Reserve's decision to continue quantitative easing measures.