NEW YORK (TheStreet) -- Wall Street celebrated the six-year anniversary of the bull market in style as the Dow Jones Industrial Average briefly recaptured a level above 18,000 and seven of ten S&P 500 sectors settled in the green.
By market close, the S&P 500 was up 0.39%, the Dow added 0.77%, and the Nasdaq climbed 0.31%.
The bull market officially hit the six-year mark on Monday, marking the day the S&P 500 closed at 676 and ending the bear market for stocks. Since March 2009, the benchmark index has surged more than 200% in the fourth-longest bull market ever.
"With the Nasdaq reaching a milestone not seen since the dot-com boom and the broader equity bull market entering its seventh year, many investors are once again anxious that stocks are in a bubble," said Russ Koesterich, global chief investment strategist at BlackRock. "To us, the greater near-term danger may be somewhat more prosaic: a more aggressive Federal Reserve."
The Fed will hold a two-day meeting on March 17, after which investors hope Fed Chair Janet Yellen will give further hints as to when a rate hike could occur.
"While the Fed is not expected to take rates off the zero bound until September, after seeing inflation momentum trough around May, the removal of the "patient" reference at the March meeting could trigger further re-pricing in market expectations for hikes," said TD Securities' U.S. strategist Gennadiy Goldberg.
Crude oil prices were higher with West Texas Intermediate up 0.83% to $50.02 a barrel. Over the weekend, OPEC Secretary-General Abdalla El-Badri said he expects the global oil market to rebalance by the second half of the year as demand grows and producers slash output.
"It may be a new week but the crude complex is weighing up the same issues -- immediately rising production and inventories vs. the potential for rising demand and falling supplies," said Matt Smith, commodity analyst at Schneider Electric.
Tech stocks gave a boost to markets, led by Apple (AAPL), which climbed nearly 1% as CEO Tim Cook gave details of the Apple Watch at an event off in San Francisco. Some of the device's features include Apple Pay, social media access, voice commands with Siri and health and exercise tracking. Pricing starts at $349; the most expensive model is priced at $10,000.
Twitter (TWTR) was also higher, up 1.8%, after JPMorgan reiterated an "overweight" rating on the stock with a $67 price target. Analyst Doug Anmuth said upcoming product launches such as video and distribution deals would be a boon to usage and ad revenue.
General Motors (GM) was up more than 3% after announcing a $5 billion stock buyback program and raising its quarterly dividend to 36 cents a share from 30 cents.
Tesla (TSLA) shares was down 1.6% after The Wall Street Journal reported planned job cuts in China. The automaker is facing tepid demand in the world's largest car market.
Retail real estate trust Macerich (MAC) spiked 7% on news Simon Property (SPE) had made an offer of $91 a share or $22.4 billion, a 30% premium to prices in November before Simon Property announced a stake in the company. Simon Property shares were slightly lower.
McDonald's (MCD) was 0.6% higher even after global comparable store sales slid 1.7% in February, far wider than an expected 0.3% decline. The company said a 4% drop in U.S. sales was due to "ongoing aggressive" activity in the fast food sector.