With the UN effected Lebanon truce resulting in a drop in crude oil prices, investor concerns about riskier assets reduced and US stocks gained.
Technology stocks were the biggest gainers after facing sharp declines in the last few weeks with investors turning away from volatile sectors. Cisco Systems Inc and Intel Corp buoyed the S&P 500. Shares of energy hungry industrial companies such as GE and United Technologies Corp., IBM and Intel were amongst Dow's biggest gainers.
Cisco Systems Inc rose by 55 cents to $20.09.
Intel shares rose 46 cents to $17.87 on Nasdaq.
GE Co closed at $32.82 with a 32 cent rise in NYSE trading.
The fall in crude oil prices prompted investors to sell energy shares, making Exxon Mobil Corp one of the biggest losers down by 48 cents to $69.25 on the NYSE.
With news of the Lebanon truce and BP announcing that half of Prudhoe Bay would still function, US crude oil for September delivery fell 82 cents to settle at $73.53.
Volume was light on the NYSE with about 1.4 billion shares changing hands below last year's daily average of 1.61 billion. Similarly on Nasdaq, the drop was from last year's daily average of 1.80 billion shares to 1.53 billion.
About 5 stocks rose for every 4 that fell on the Nasdaq and gainers outnumbered decliners on the NYSE by a ratio of about 6 to 5.
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