S&P 500, NASDAQ hit record highs as oil, tech climb

May 15 (UPI) -- The S&P 500 and NASDAQ closed at record highs on Monday bolstered by a rise in oil and tech prices.

The S&P, an index based on the market capitalizations of 500 large companies with common stock listed on the NYSE or NASDAQ, climbed 0.5 percent to close at 2,402.32 with materials and energy leading the way.

Sweet light crude oil closed at a near-three week high of $51.82 a barrel after the energy ministers of Saudi Arabia and Russia said they will extend production cuts until March 2018.

"This is a snap-back rally in crude," said Joe Sowin, head of global equity trading at Highland Capital Management. "The rubber band had stretched too long below $55 per barrel; now we're around $50."

NASDAQ, the world's second-largest exchange by market capitalization behind the NYSE, also rose 0.5 percent to close at 6,149.68. A rise in large-cap tech stocks, including Facebook and Alphabet, led the gains.

Alphabet, Google's parent company, also owns Waymo, which is partnering with rideshare company Lyft to develop self-driving cars.
Mike Bambach

CONFEDERATE MEMORIALSHillary Clinton and husband Bill Clinton at rally in New HampshireCharley Hoffman at the MastersFirst Family participates in the lighting of the National Christmas TreePresident Barack Obama speaks at the Righteous Among the Nations Award CeremonySuper Bowl 50 City opens in San FranciscoPresident Barack Obama speaks at the University of Nebraska OmahaFBI invetigates San Bernardino mass killing as an act of terrorAntonin Scalia lies in repose in Supreme CourtHillary Clinton attends campaign event in Des Moines, IowaRally Calling for an End to the Blockade on Gaza.President Barack Obama Participates in Town Hall Event Anderson Cooper Speaker Paul Ryan delivers remarks at the National Prayer Breakfast
Follow us:

Share Hotspot Shield with your friends and family!

Copyright © 2014 AnchorFree, Inc. All Rights Reserved