Gains in big technology companies led stocks broadly higher on Wall Street as traders welcomed some easing in long-term bond yields.
The S&P 500 index rose 0.7% Monday while the tech-heavy Nasdaq climbed 1.2%. Amazon, Apple, and Microsoft all made solid gains.
Kansas City Southern jumped 11.1% after a Canadian railroad announced it would buy the company for $25 billion. The yield on the 10-year Treasury note fell after trading as high as 1.74% last week. A steady rise in bond yields over the past month has been luring investors away from high-flying tech stocks.
On Monday:
The S&P 500 rose 27.49 points, or 0.7%, to 3,940.59.
The Dow Jones Industrial Average rose 103.23 points, or 0.3%, to 32,371.20.
The Nasdaq rose 162.31 points, or 1.2%, to 13,377.54.
The Russell 2000 index of smaller companies fell 20.70 points, or 0.9% to 2,266.84.
For the year:
The S&P 500 is up 184.52 points, or 4.9%.
The Dow is up 2,124.72 points, or 6.9%.
The Nasdaq is up 489.26 points, or 3.8%.
The Russell 2000 is up 291.99 points, or 14.8%.
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