Stocks closed higher on Wall Street on Monday with help from big technology and communications stocks. Twitter soared 27.6% following a big investment in the company from Tesla’s Elon Musk. The gains in technology companies helped offset weakness in other parts of the market, the AP reports. The S&P 500 rose 36.78 points, or 0.8%, to 4,582.64. The Dow Jones Industrial Average rose 103.61 points, or 0.3%, to 34,921.88. The Nasdaq rose 271.05 points, or 1.9%, to 14,532.55.
Twitter had the biggest gain in the S&P 500 after the company disclosed that Musk had taken a 9.2% stake in the social media platform. In recent weeks, Musk has publicly questioned the company’s commitment to free speech. The gains were a key factor in lifting the broader communications sector and keeping the S&P 500 in the green. The price of US benchmark crude oil rose 4% and Brent crude, the international standard rose 3%. Bond yields mostly gained ground. The yield on the 10-year Treasury rose to 2.42% from 2.38% late Friday.
Investors continue to monitor the conflict in Ukraine, where Russia could face even stricter economic sanctions now that details are emerging of what appear to be deliberate killings of civilians. The European Union’s foreign policy chief, Josep Borrell, joined a growing chorus of international criticism of the alleged atrocities, saying the 27-country bloc "will advance, as a matter of urgency, work on further sanctions against Russia."
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