NEW YORK (TheStreet) -- Stocks were modestly higher, pushing the S&P 500 and Dow Jones Industrial Average to intraday records.
Apple (AAPL) helped to boost markets after another vote of confidence from activist investor Carl Icahn, while semiconductor stocks rallied on reports Intel (INTC) and Altera (ALTR) have reopened negotiations.
The S&P 500 gained 0.4% to a record 2,130, extending gains achieved last week. The Dow rose 0.26% to a high of 18,320. The Nasdaq climbed 0.65%.
Apple shares rose 1.4% on Monday to $130.22 after activist investor Carl Icahn called current valuation "undervalued." He said Apple is worth $240 a share. In a letter to Apple CEO Tim Cook, Icahn also called for accelerated buybacks. Click here for more.
"After reflecting upon Apple's tremendous success, we now believe Apple shares are worth $240 today," wrote Icahn. "Apple is poised to enter and in our view dominate two new categories (the television next year and the automobile by 2020) with a combined addressable market of $2.2 trillion, a view investors don't appear to factor into their valuation at all."
Intel and Altera reportedly have restarted negotiations surrounding a potential deal, according to the New York Post. Altera had previously rejected a $54-a-share deal in April. Altera shares jumped nearly 7%.