Tech sector leads gains; oil also rises

A rally in technology companies helped stocks overcome a shaky start Monday, extending Wall Street’s solid gains from last week.

The Standard & Poor’s 500 index rose 0.6% after initially sliding 0.6% following weakness in overseas markets as the global tally of coronavirus infections approaches 9 million. Investors are weighing the risks that rising coronavirus cases could pose to hopes for an economic recovery.

That has led traders to bid up stocks in technology companies that offer services online, a thriving conduit of commerce through the outbreak.

Investors are also favoring companies that are poised to do well now that more businesses have been given the go-ahead to reopen. Retailers such as Gap and Best Buy rose Monday, outweighing losses in healthcare, financial and other sectors. Airlines and cruise line operators were among the biggest decliners.

The S&P 500 index gained 20.12 points to 3,117.86. The Dow Jones industrial average rose 153.50 points, or 0.6%, to 26,024.96 after earlier sliding 203 points. The Nasdaq composite climbed 110.35 points, or 1.1%, to 10,056.47, extending its winning streak to a seventh straight session.

Small-company stocks, which have lagged behind the broader market’s rebound that began in April, also notched solid gains. The Russell 2000 index added 14.89 points, or 1.1%, to 1,433.53.

The yield on the 10-year Treasury note held steady at 0.70%.

The price of gold rose 0.8% to $1,766.40 an ounce.

Oil prices also finished higher. Benchmark U.S. crude oil for July delivery rose 71 cents to $40.46 a barrel for the first time since March 6. Brent crude rose 89 cents to $43.08 a barrel for August delivery.