NEW YORK (AP) - The stock market ended higher Monday, but a late fade kept it from closing at an all-time high.
The market marched broadly higher most of the day, helped by optimism about the economy and more corporate mergers, only to slowly lose momentum in the final half hour of trading.
The Standard & Poor's 500 index ended up 11.36 points, or 0.6 percent, to 1,847.61 - just short of its record close of 1,848.38 set on Jan. 15. The momentum helped the index set a new intraday high of 1,858.76 earlier in the day, however.
The Dow Jones industrial average rose 103.84 points, or 0.6 percent, to 16,207.14 and the Nasdaq composite rose 29.56 points, or 0.7 percent, to 4,292.97.
In the last two-and-a-half weeks, the stock market has basically erased of the losses it experienced after a difficult start to the year.
The S&P 500 index was down as much 6 percent for the year as of February 3 as investors worried about emerging markets like China and Turkey. The U.S. economic recovery was also showing signs of slowing growth.
But the U.S. stock market has recovered as turbulenceoverseas calms down.
The S&P 500's 1,850-point level continues to be a ceiling for investors trying to bid stocks higher. The index has tried to close above 1,850 three times in the last three months, failing each time.
Investors have a chance to test all-time highs after economic reports come out later this week.