Wall Street ended higher on Monday, led by a rally in tech and communication stocks. The broader market also got a boost as investors shed off recession fears. However, they are still apprehensive about the bond market and plans of further sanctions on Russia. All the three major stock indexes ended in positive territory. How Did The Benchmarks Perform? The Dow Jones Industrial Average (DJI) rose 0.3% or 103.61 points to close at 34,921.88. The tech-heavy Nasdaq Composite climbed 1.9% or 271.05 points to close at 14,532.55, led by a rally in large-cap tech stocks. The S&P 500 gained 0.8% or 36.78 points to end at 4,582.64. Five out of the 11 broad sectors of the benchmark index closed in the green. The Communication Services Select Sector SPDR (XLC), the Consumer Discretionary Select Sector SPDR (XLY) and the Technology Select Sector SPDR (XLK) rose 2.8%, 2.3% and 1.9%, respectively, while the Healthcare Select Sector SPDR (XLV) lost 0.8%. The fear-gauge CBOE Volatility Index (VIX) was down 4.6% to 107.11. A total of 11 billion shares were traded on Monday, lower than the last 20-session average of 13.5 billion. Advancers outnumbered decliners on the NYSE by a 1.32-to-1 ratio. On Nasdaq, a 1.74-to-1 ratio favored advancing issues. Elon Musk Largest Shareholder in Twitter Monday’s trading session started on a high that saw investors snapping up the beaten-down tech and communication stocks. The rally gained further momentum on news that Elon Musk was buying a 9.2% stake in Twitter, Inc. ( TWTR Quick Quote TWTR - Free Report) . Shares of the micro-blogging site surged 27.1%, helping the broader market. This saw other social media companies also make gains. Musk, in recent weeks, had publicly questioned the company’s commitment to free speech and had criticized CEO Parag Agarwal. The jump in Twitter’s shares almost single-handedly helped the S&P 500 finish in the green even as little less than half the companies on the index declined. Monday also marked Twitter’s biggest jump in its history since its IPO. The overall tech sector had its best session this year on Monday, helping Nasdaq gain nearly 2%. Musk’s announcement also helped shares of Tesla, Inc. ( TSLA Quick Quote TSLA - Free Report) climb 5.6%. Besides, big tech made solid gains. Shares of Apple, Inc. ( AAPL Quick Quote AAPL - Free Report) , Amazon.com, Inc. ( AMZN Quick Quote AMZN - Free Report) and Alphabet, Inc. finished up by more than 2% each. Consequently, shares of other tech giants like Qualcomm Inc. ( QCOM Quick Quote QCOM - Free Report) and Salesforce, Inc. ( CRM Quick Quote CRM - Free Report) rose 4.6% and 3.1%, respectively. Salesforce carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Investors Worry About Bond Markets A key section of the yield curve remained inverted on Monday as the 2-year and 10-year Treasury yields shifted on Thursday for the first time since 2019. The inversion of the yields of the 2-year and 10-year bonds is especially looked upon as an indicator of recession as these are the two most frequently traded bonds in the market. Economic Data The U.S. Census Bureau reported that new orders for manufactured goods in February decreased $2.7 billion or 0.5% to $542 billion. This follows a 1.5% rise in January. Seasonally adjusted annualized sales for domestic vehicles reported for March were down to 10.4 million from February’s 10.8 million.