S&P 500 reaches new high, led by tech

April 29, 2013 - 4:34 PM
Wall Street

Trader Luigi Muccitelli, left, and specialist Michael Pistillo, center, work on the floor of the New York Stock Exchange Monday, April 29, 2013. A pair of encouraging economic reports helped propel the stock market up in early trading on Monday. (AP Photo/Richard Drew)

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.