US Stock Market: DJIA, S&P500, Nasdaq and Russell ended in green on Monday

The latest bout of turmoil for Wall Street saw U.S. equities storm back from significant losses in the morning to post gains on Monday.

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After reversing an early 1.7% drop, the S&P 500 rose 24.34 points, or 0.6%, to 4,296.12. Stocks of internet-related firms led the way, including Twitter, which soared 5.7% after agreeing to sell itself to Elon Musk.

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After falling 488 points earlier, the Dow Jones industrial average climbed 238.06 points, or 0.7%, to 34,049.46, while the Nasdaq composite rose 165.56 points, or 1.3%, to 13,004.85 to lead the market.

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Earlier in the morning, U.S. stocks had been on track to follow global markets lower, particularly in China, over worries that strict lockdown measures there might crimp the world’s second-largest economy and potentially hurt global economic growth. Stocks in Shanghai slumped 5.1%, while Hong Kong’s Hang Seng fell 3.7%.

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Worries are also high for the U.S. economy, which some investors believe is set to slow sharply or even fall into a recession because of the big interest-rate increases the Fed is likely to push through.

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Yields for U.S. government bonds fell Monday, a turnaround from this year’s sharp jump in yields. The yield on the 10-year Treasury, which affects rates on mortgages and other consumer loans, dropped to 2.82% from 2.90% late Friday. It has recently been close to its highest level since 2018.

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Lower yields tend to benefit high-growth stocks the most because investors become more willing to pay high prices when they’re not losing much in interest if they’d bought bonds instead. Gains for several big tech-related stocks were the strongest forces lifting the S&P 500 Monday, including a 2.4% gain for Microsoft and a 2.9% rise for the Class A shares of Google’s parent, Alphabet. Both are set to report their latest quarterly results on Tuesday.

Inflation remains a key concern for investors. Investors are worried about whether the Fed will be able to hike rates enough to quell inflation but not so much as to cause a recession.