Stocks rise sharply, led by gains in technology


NEW YORK — Stocks closed sharply higher on Wall Street today, led by gains in technology companies.

The Dow Jones industrial average and the Standard & Poor's 500 both closed at record highs.

The Dow rose 128 points, or 0.9 percent, to 14,802. It was the Dow's third gain in a row.

The S&P 500 rose 19 points to 1,587, or 1.2 percent. 

The Nasdaq composite posted even bigger gains thanks to the surge in tech stocks. That index was up 59 points, or 1.8 percent, to 3,297.

Networking equipment and semiconductor makers soared after Adtran, a network communication company, reported a surge in profits, suggesting that businesses are spending more on tech upgrades.

Three stocks rose for every one that fell on the New York Stock Exchange. Volume was average at 3.4 billion shares.