S&P 500 reaches new high
NEW YORK -- Technology companies led the Standard & Poor's 500 index to an all-time closing high Monday.
The stock market has recovered all the ground it lost over the previous two weeks, when worries over slower economic growth, falling commodity prices and disappointing quarterly earnings battered financial markets.
The S&P 500 index rose 11.37 points to close at 1,593.61. The 0.7 percent increase nudged the index above its previous closing high of 1,593.36, reached on April 11.
"The market has had a terrific run," said Philip Orlando, chief equity strategist at Federated Investors, noting that the S&P 500 is up 12 percent since the start of 2013. "At the beginning of the year, I thought we were going to 1,660 (for the whole year). We're only about 5 percent from that."
A pair of better economic reports gave investors some encouragement. Wages and spending rose in the U.S. last month, and pending home sales hit their highest level in three years.
The Dow Jones industrial average gained 106.20 to 14,818.75, up 0.7 percent. Microsoft and IBM were among the Dow's best performers, rising more than 2 percent each. IBM alone accounted for a third of the Dow's increase. The index is just 46 points below its own record high of 14,865 reached on April 11.