Experts warn that the Dow is fundamentally flawed as a market index and that while the 20,000 mark is a welcome psychological boost, it's hardly a harbinger of sustainable market prosperity.

Higher oil prices boosted North American markets as all three major U.S. indexes hit record highs.

Indices in New York smashed through new records at the close, while Canada's main stock market pushed solidly ahead, as sentiment continued to build on rising oil prices and a rosy global outlook.