The Nasdaq Composite index jumped more than 1 per cent on Monday, leading a rebound in the US stocks following two days of losses. The technology stocks-heavy Nasdaq index spiked as much as 1.29 per cent - or 110.87 points - to touch 8,715.82 during the session, before settling with a gain of 1.23 per cent (105.77 points). Gains in Microsoft, Apple and Amazon shares were the biggest lifts for Wall Street, following mixed reaction last week to reports from big tech names.
Buying interest in large cap tech stocks and oil oil prices outweighed concerns about the US-China tensions, helping Wall Street break two-day downward movement.
While the Nasdaq Composite finished the session at 8,710.72, the Dow Jones Industrial Average and S&P 500 indices settled with milder gains of 26.07 points (0.11 per cent) at 23,749.76 and 12.03 points (0.42 per cent) at 2,842.74 respectively.
Wall Street had started the session on a lower note but the jump in technology and internet company stocks helped in recovering intraday losses.
US stocks have rebounded sharply from the coronavirus (COVID-19)-fueled selloff in late March.
The Donald Trump administration's fiscal stimulus along with easing of monetary policy by the US central bank has helped Wall Street recover some of the COVID-19-triggered losses.
Investors are now hopeful that a number of states would reopen their economies after weeks of COVID-19 lockdowns to fight the coronavirus outbreak.
On Monday, New York Governor Andrew Cuomo outlined a phased reopening of business in the state hardest hit by the COVID-19 pandemic. California Governor Gavin Newsom said that retail businesses in the state may begin reopening as early as this week.
Energy was the best performing sector in the S&P 500 benchmark index, rising 3.7 per cent in tandem with a spike in oil prices.
Crude oil prices rose on Monday, extending gains to a second straight session, amid hopes of a pickup in demand going forward as the US states start to ease coronavirus-related restrictions.
West Texas Intermediate (WTI) crude futures - the benchmark for US oil rates - soared as much as 8.2 per cent to touch a three-week high of $22.06 a barrel, and entered the fifth straight day of rise. Brent crude futures - the global benchmark - hit a high of $28.37 a barrel.
The Nasdaq Composite index posted 18 new highs and 14 new lows for the session.