IBM shares hit an all-time high Monday, with the stock riding a slight market upswing. It rose as high as $139.88 before closing at $139.66, up 81 cents for the day. The previous high was $139.19, reached during the dot-com boom on July 13, 1999.

The rise comes after IBM Corp. shares spent much of this year going sideways as concerns about European government debt and a sluggish economic recovery in the U.S. weighed on markets.

Broader factors aside, IBM’s share price reflects steadily climbing profits. Its second-quarter results marked the 30th straight period in which IBM has posted higher earnings per share than the year before. The company’s corporate customers have been opening up their wallets this year to upgrade technology, something many companies decided to put off during the recession to save cash. And IBM has been able to entice still-reluctant businesses with the promise of services and software designed to cut costs by automating or outsourcing complicated jobs.