The Dow Jones Industrial Average reached record highs at closing on Valentine's Day as President Donald Trump signed what is thought to be the first measure overturning the Dodd-Frank regulations.

Federal Reserve Chairwoman Janet Yellen's testimony to the Senate Banking Committee also triggered new highs as she signalled that interest rate rises are likely to be sooner rather than later.

The Dow finished the day up 91.25 points or 0.45% to end at 20,504.41, the fourth record high closing in a row. Stocks in Goldman Sachs also rose to an all time high on Tuesday. Along with the administration's signals on cutting regulation, former top executives at the bank have been given senior positions in Trump's cabinet.

Also seeing record highs at closing were the S&P 500, closing 9.33 points up or 0.40% to end at 2,337.58, and the Nasdaq, which closed 18.61 points higher, or 0.32%, at 5,782.57.

Though Trump has signed the first step to pushing back Dodd-Frank, Yellen came out in defence of the regulation during her testimony. She argued that Trump's comments about people not being able to get loans did not reflect her statistics, which showed only 4% of respondents were unable to get the necessary loans.

After listing the regulations Yellen which came in after the 2008 financial crisis, she said: "I think Dodd-Frank was very important in fostering those changes and we should feel glad that our financial system is now operating on a safer and sounder footing."

When asked whether she was concerned a repeal would make another financial crisis more likely, Yellen said she "wouldn't want to see the clock turned back".