The benchmark S&P 500 index rose on Monday, buoyed by mega-cap and tech stocks, and a gain of Twitter after what Elon Musk revealed a stake in the company, against a backdrop of caution in the bond market and rumors of further sanctions against Russia over Ukraine.
Defensive sectors such as utilities and healthcare lagged behind.
The actions of Twitter rose after the president of Tesla Inc. revealed a 9.2% stake in the social network, making him its largest shareholder. Shares of other companies in the sector also advanced.
The actions of Tesla rose after the company reported record first-quarter electric vehicle deliveries on Saturday.
“A lot of the news we’re seeing today is generally positive for technology,” said Mona Mahajan, senior investment strategist at Edward Jones.
The S&P 500 gained 36.78 points, or 0.82%, to 4,582.64 units, while the nasdaq it rose 271.05 points, or 1.90%, to 14,532.55. The Average Industrial Dow Jones it rose 103.61 points, or 0.30%, to 34,921.88 points.
With Teslathe increases of Apple Inc., Amazon Inc. and Microsoft Corporation They gave the S&P 500 a boost.
In the bond market, the 10-year US Treasury yield rose on Monday and the 2- to 10-year yield curve remained inverted. The inversion of the curve is considered a harbinger of recession in the next two years or so.
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