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Markets Close Higher; S&P 500 Hits New Record

Hemera/Thinkstock(NEW YORK) -- More signs that Americans are not shy about spending helped markets to a positive finish Monday. Tech shares pushed the S&P 500 above its all-time closing high, while the Nasdaq Composite finished at its highest level since November 2000.

The S&P closed up 11.37 points at 1,593.61. The Nasdaq closed up 27.76 points at 3,307.02. The Dow Jones Industrial Average gained 106.20 to close at 14,818.75.

Consumer spending and income both increased 0.2 percent in March, the latest indication that consumers are shrugging off a payoll tax increase that took effect in January.

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