The Nasdaq secured a fresh record while the Dow Jones Industrial Average and the S&P 500 closed just shy of one after President Trump touted the benefits that his pro-American policies have had on the U.S. economy.

Trump, speaking at the Economic Club of New York, said: “We have ended the war on American workers, we have stopped the assault on American industry, and we have launched an economic boom the likes of which we have never seen before" while also noting the record run the U.S. stock market is having.

He also addressed his progress on redoing trade deals with the likes of China as well as the United States Mexico Canada trade agreement or USMCA. He also applauded his record on job creation.

Traders continue to keep a close eye on U.S.-China trade front after Trump last week cast doubts over a Chinese official's comments on gradually rolling back tariffs as negotiations progress.

Trump said in a Tuesday, ahead of his speech, in a tweet that the U.S. economy is "booming."

Disney shares were in focus after the entertainment giant launched its Disney Plus streaming service on Tuesday morning. The launch didn't go too smoothly as users had trouble accessing the content. Still the stock closed higher.

Meanwhile, Pacific Gas & Electric was higher after the San Francisco-based utility raised the amount of compensation available to wildfire victims to $13.5 billion, up from about $8.4 billion.

Dean Foods shares were halted indefinitely after the company filed for Chapter 11 bankruptcy protection. Shares had lost 79 percent this year before Tuesday's filing.