S&P 500 Closes at Record High

The S&P 500 is closing at an all-time high for the first time since July, and the Nasdaq is also near a record, the AP reports. The gains Monday came at the beginning of a busy week of earnings, economic data and expectations of another interest rate cut by the Federal Reserve. Technology, health care and communications stocks powered the advance, outweighing losses in real estate, utilities and household goods makers. Tiffany soared 31.6% after the French luxury company LVMH offered to buy the iconic jeweler for $14.5 billion. The S&P 500 rose 16 points, or 0.6%, to 3,039. The Dow Jones Industrial Average added 132 points, or 0.5%, to 27,090. The Nasdaq rose 82 points, or 1%, to 8,325. (More stock market stories.)