Stocks climb in late rally

Tech shares lead the rebound. The market will have a short session Tuesday ahead of Fourth of July.

U.S. stocks closed higher Monday after a last-minute market rally erased the losses from a daylong slump.

Technology companies led the market rebound. Banks and healthcare stocks also notched gains. Energy took the biggest losses as crude oil prices declined. Big department store chains and consumer goods companies fell too.

The stock market, which was coming off two weekly losses in a row, was in the red for most of the day following disappointing economic data out of Asia that left global indexes sharply lower.

Trading volume was lighter than usual. On Tuesday, U.S. markets are scheduled to close early, at 1 p.m. Eastern time, and will stay closed Wednesday for the Fourth of July holiday.

A slump in global markets weighed on U.S. stocks from the get-go Monday after new economic reports out of China and Japan disappointed traders. A German government crisis also weighed on markets in Europe, which closed lower.

Technology companies led the market rebound. Micron Technology led the sector, climbing 3.9% to $54.48.

“You’re getting a reaction to last week, when technology did so poorly and now they’re getting a bounce here,” said Rob Haworth, senior investment strategist with U.S. Bank Wealth Management.

Wynn Resorts sank 7.9% to $154.14 after June revenue growth at the casino operator’s resorts in Macau fell well short of Wall Street’s expectations.

Bond prices fell. The yield on the 10-year Treasury rose to 2.87% from 2.86%.

The increase in bond yields helped lift bank shares. Interest rates on mortgages and other consumer loans tend to move along with bond yields, and rising interest rates mean banks can make bigger profits on credit cards, mortgages and other consumer loans. Capital One Financial shares rose 2.1% to $93.78.

Benchmark U.S. crude fell 21 cents to settle at $73.94 a barrel. Brent crude, used to price international oils, sank $1.93, or 2.4%, to $77.30. The decline in oil prices weighed on energy stocks. Cimarex Energy shares slid 4% to $97.66.

Heating oil dropped 5 cents to $2.16 a gallon. Wholesale gasoline fell 5 cents to $2.11 a gallon. Natural gas slid 6 cents to $2.86 per 1,000 cubic feet.

The dollar fell to 110.86 yen from 110.88 yen. The euro weakened to $1.1610 from $1.1669.

Gold fell $12.80, or 1%, to $1,241.70 an ounce. Silver slid 36 cents, or 2.2%, to $15.84 an ounce. Copper fell 2 cents to $2.94 a pound.

Major indexes in Europe finished in the red. Germany’s DAX fell 0.6%, France’s CAC 40 lost 0.9% and Britain’s FTSE 100 retreated 1.2%.