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S&P 500 reaches new high, led by tech

A trader works on the floor of the

A trader works on the floor of the New York Stock Exchange during early trading last week. The earnings season continues, though Monday is light on reports, with Chrysler posting before the stock market opens and Express Scripts reporting after the closing bell. (April 25, 2013) Credit: Getty Images

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 0.72 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.

A pair of economic reports gave investors some encouragement. Wages and spending rose in the United States last month, and pending home sales hit their highest level in three years.

The Dow Jones industrial average rose 106.20 points to 14,818.75. The index is just 46 points below its own record high of 14,865, reached on April 11.

Microsoft and IBM were among the Dow's best performers, rising more than 2 percent each.

The Nasdaq composite rose 0.85 percent to 3,307.02.

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