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State and Nation Business

S&P 500 reaches new high, led by tech

NEW YORK – 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.

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