Midday Report: U.S. Stocks Rally to New Highs; Starbucks to Raise Wages

The S&P 500 rallied to a new intraday high on Monday as investors continued to cheer Friday's blowout jobs report and prepared for the beginning of the second-quarter earnings season. General Electric's  (GE) - Get ReportPredix software will soon start operating on Microsoft's (MSFT) - Get Reportcloud, the companies announced Monday. The software connects industrial apparatus to the Internet. Plus, Starbucks (SBUX) - Get Report  will give at least a 5 percent raise to all U.S. employees and managers at the company's stores beginning in October. This is according to a letter to employees from CEO Howard Schultz. Plus, employees with the company for more than two years will now receive two times the amount of stock rewards. TheStreet's Scott Gamm reports from Wall Street.