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S&P 500 reaches new high, led by tech

6:09 AM, Apr 30, 2013   |    comments
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NEW YORK (AP) - In early April, tech stocks were the laggards in an otherwise booming market. But that appears to have turned around.

Yesterday, technology companies led the S&P 500 to an all-time closing high. Strong reports on wages and spending and pending home sales also encouraged investors.

The S&P 500 index rose 11 points to close at 1,593.61. The 0.7 percent increase nudged the index a fraction of a point above its previous closing high, reached on April 11.

The Dow jumped 106 points to close at 14,819. Microsoft and IBM were among the Dow's best performers, rising more than 2 percent each.

The Nasdaq gained 28 points to 3307.

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.






Associated Press

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