Technology stocks led the S&P 500 higher on Monday amid falling Treasury yields as Wall Street looked to bounce back from a losing week.
The Dow Jones Industrials recovered 49.25 points to begin the week at 32,677.22
The S&P 500 progressed 17.07 points 3,930.17.
The NASDAQ Composite climbed 106.45 points to 13,321.69.
Shares of Tesla added more than 4% as rates fell and as Cathie Wood’s Ark Invest put out a new price target on the stock which calls for it to quadruple in four years. Apple, Facebook and Microsoft all gained at least 1%.
Optimism about the markets and the path of the U.S. economy has been growing as vaccines are rolling out across the country, with the pace of Americans getting shots climbing in recent weeks. Several states are seeing an increase in COVID-19 cases, however.
U.S. trial data released Monday showed the COVID vaccine developed by AstraZeneca and the University of Oxford is 79% effective in preventing symptomatic illness and 100% effective against severe disease and hospitalization.
Prices for 10-Year Treasurys regained lost ground, dropping yields to 1.70% from Friday’s 1.73%. Treasury prices and yields move in opposite directions.
Oil prices picked up seven cents to $61.35 U.S. a barrel.
Gold prices slumped $7.70 to $1,734.00.