S&P 500 reaches new high, led by tech

Print
Email
|

Associated Press

Posted on April 29, 2013 at 5:01 PM

Updated Monday, Apr 29 at 5:02 PM

NEW YORK (AP) — Technology companies are leading the stock market higher, pushing the Standard & Poor's 500 index to another record high.

A pair of strong economic reports also encouraged investors Monday. Wages and spending rose in the U.S. last month, and pending home sales hit their highest level in three years.

The S&P 500 closed at 1,593, a fraction above its previous record high reached on April 11. It rose 11 points Monday, or 0.7 percent.

The Dow Jones industrial average closed up 106 points at 14,818, a gain of 0.7 percent.

Major tech companies had the biggest gains in the Dow: Hewlett-Packard, Microsoft and IBM.

Three stocks rose for every one that fell on the New York Stock Exchange. Volume was light at 2.8 billion shares.

Print
Email
|