REUTERS: Wall Street's main indexes rose on Monday as technology stocks rebounded from a recent pullback that was sparked by a surge in bond yields, while Tesla shares surged after Cathie Wood's Ark Invest set a three-year price target of US$3,000.
"Tech will get a bid if yields moderate and that'll probably be the theme for the next couple of months," said Thomas Hayes, chairman at Great Hill Capital in New York.Russell 2000 Growth, which consists largely of technology stocks, added about 0.7per cent; while its value counterpart, which focuses on economy-linked financial and energy stocks, dropped about 0.3per cent.The Nasdaq climbed about 0.8per cent to start the week as the benchmark 10-year Treasury yield dipped to 1.
Kansas City Southern jumped about 17per cent after Canadian Pacific Railway Ltd agreed to acquire the railroad operator in a US$25 billion cash-and-stock deal to create the first railway spanning the United States, Mexico and Canada. The iShares MSCI Turkey ETF sank about 18per cent as President Tayyip Erdogan's decision to oust a hawkish central bank governor sparked fears of a reversal of recent rate hikes.
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