S&P 500, NASDAQ hit record highs as oil, tech climb

May 15 (UPI) -- The S&P 500 and NASDAQ closed at record highs on Monday bolstered by a rise in oil and tech prices.

The S&P, an index based on the market capitalizations of 500 large companies with common stock listed on the NYSE or NASDAQ, climbed 0.5 percent to close at 2,402.32 with materials and energy leading the way.

Sweet light crude oil closed at a near-three week high of $51.82 a barrel after the energy ministers of Saudi Arabia and Russia said they will extend production cuts until March 2018.

"This is a snap-back rally in crude," said Joe Sowin, head of global equity trading at Highland Capital Management. "The rubber band had stretched too long below $55 per barrel; now we're around $50."

NASDAQ, the world's second-largest exchange by market capitalization behind the NYSE, also rose 0.5 percent to close at 6,149.68. A rise in large-cap tech stocks, including Facebook and Alphabet, led the gains.

Alphabet, Google's parent company, also owns Waymo, which is partnering with rideshare company Lyft to develop self-driving cars.