IBM shares hit an all-time high Monday.

The stock rode a slight market upswing, climbing as high as $139.88 before slipping back to $139.73 in afternoon trading, up 86 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 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 rising 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 a little wider this year to upgrade their technology, something many companies decided to put off during the recession to save cash.

And it has been able to entice still-reluctant customers with the promise of services and software designed to cut costs by automating or outsourcing complicated jobs.

IBM is also well-known for policies that are friendly to shareholders. It has established a regular habit of raising its dividend payout, which has tripled on a per-share basis since 2006. And it has committed more than $100 billion to buying back stock since 1995, a move that boosts the value of remaining shares.

IBM, which is based in Armonk, N.Y., is scheduled to report third-quarter earnings next Monday.