The S&P 500 and Nasdaq both ended at records as the promise of tax reform from the White House fueled gains across major banks. Tech fluctuated after Apple Inc. (AAPL - Get Report) unveiled three new models of smartphone and a new version of its Apple Watch.

McDonald's Corp. (MCD - Get Report) took a bite out of the Dow Jones Industrial Average after data tracking company M Science published a bearish report calling into question strength in comparable-store sales in its current quarter. It's the company's worst one-day drop since July 2016. Inc.'s (AMZN - Get Report) efforts to slash prices at Whole Foods Market has generated a 25% increase in traffic. Amazon completed its purchase of the supermarket chain last month.

Perrigo Co. (PRGO - Get Report) climbed after Starboard Value Jeff Smith pinpointed the drugmaker as a solid buy, noting that it trades at a steep discount to its peers. Smith's activist fund had secured five director seats on Perrigo's board earlier in the year.