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Stocks end with solid gains after shaking off a choppy start

A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, June 22, 2020. Shares were mostly higher in Asia on Monday despite reports that the number of coronavirus cases in the U.S. has surged sharply. (AP Photo/Ahn Young-joon)
A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, June 22, 2020. Shares were mostly higher in Asia on Monday despite reports that the number of coronavirus cases in the U.S. has surged sharply. (AP Photo/Ahn Young-joon) A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, June 22, 2020. Shares were mostly higher in Asia on Monday despite reports that the number of coronavirus cases in the U.S. has surged sharply. (AP Photo/Ahn Young-joon)

By ALEX VEIGA and DAMIAN J. TROISE / AP Business Writers 6 min read

Stocks are closing higher on Wall Street Monday after shaking off a choppy start. The S&P 500 added 0.6% after sliding as much as 0.6% in the early going. The initial drop followed weakness overseas as the global tally of infections approaches 9 million. Technology companies led the way, outweighing losses in health care and other sectors. Many market watchers think the market’s recent surge is out of whack with the weak state of the economy. The price of oil rose, settling above $40 a barrel for the first time since early March, before the economy all but shut down due to the outbreak.

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Technology companies are helping drive stocks higher on Wall Street after a choppy start Monday as investors weigh the risks that rising coronavirus cases could pose to hopes for an economic recovery.

The S&P 500 was up 0.5% in afternoon trading after initially sliding 0.6% following weakness in overseas markets as the global tally of infections approaches 9 million. The price of gold rose, a signs of caution in the market. Bond yields were mixed. The price of U.S. crude oil rose, settling above $40 a barrel for the first time since early March, before the economy all but shut down completely due to the outbreak.

The Dow Jones Industrial Average gained 106 points, or 0.4%, to 25,981 after earlier sliding 203 points. The Nasdaq composite was up 0.8%. Technology companies accounted for most of the gains, outweighing losses in health care, financial and other sectors. Airlines and cruise line operators were among the biggest decliners.