Fundstrat's Tom Lee called Nvidia's earnings release a "clearing event" for the stock market and that investors' "animal spirits" are rising.

Stocks closed higher on Wall Street, giving the market its fifth gain in a row and notching another record high for the Dow Jones Industrial Average.

"There were some warning signs from Target, but if you look at personal income and retail sales, they have been strong all year," said Peter Cardillo, chief market economist at Spartan Capital Securities, in an interview. "That suggests the consumer has buying power."