Tech gains offset Wall Street losses

Stocks close higher as Twitter soars on news of Musk stake

Stocks shook off a downbeat start to close higher Monday, as big gains by technology and communications companies helped offset losses elsewhere on Wall Street.

The S&P 500 rose 0.8 percent after having been down 0.2 percent in the early going. The Dow Jones Industrial Average rose

0.3 percent and the Nasdaq composite added 1.9 percent.

Twitter surged 27.1 percent for the biggest gain in the S&P 500 after the company disclosed that Tesla’s Elon Musk had taken a 9.2 percent 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 even as little less than half the companies in the index fell.

The market’s latest moves follow three straight weekly gains by the S&P 500, even as investors grapple with uncertainties stemming from surging inflation, higher interest rates from the Federal Reserve and the economic fallout from the war in Ukraine.

The S&P 500 rose 36.78 points to 4,582.64, the Dow gained 103.61 points to 34,921.88, and the techheavy Nasdaq rose 271.05 points to 14,532.55.

Smaller company stocks also gained ground. The Russell 200 index rose 4.33 points, or 0.2 percent, to 2,095.44.

Apple and other big technology stocks did the heavy lifting Monday, offsetting losses elsewhere. Tech companies, with their pricey stock values, tend to have more weight in pushing the market up or down. Apple rose 2.4 percent and Microsoft gained 1.8 percent.

Retailers and other companies that rely on consumer spending also helped lift the market. Tesla rose 5.6 percent, Amazon added 2.9 percent and Home Depot closed

1.2 percent higher.

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 price of U.S. benchmark crude oil rose 4 percent and Brent crude, the international standard rose 3 percent.

Prices are up roughly 40 percent globally, which has put pressure on costs for gasoline and other goods.