Wall Street stocks mostly rose Monday on optimism over strengthening US growth, but the Nasdaq fell due to weakness in Amazon and other large tech names.

An industry survey showed America's manufacturing rebound from the COVID-19 downturn slowed in April as factories struggled to obtain supplies, but even so, companies were increasingly optimistic about the future.

Despite the mixed nature of the report, industrial shares were solidly higher Monday, along with energy and materials companies.

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"The news on the manufacturing sector was under the expectations but certainly still strong, with an expansion for four months in a row," said Art Hogan, chief market strategist at National Securities.

The Dow Jones Industrial Average climbed 0.7% to end the day at 34,113.23, while the broad-based S&P 500 rose 0.3% to 4,192.66.

The Nasdaq shed 0.5% to finish at 13,895.1.

Investors remain broadly optimistic about improving economic conditions in the United States, although there is increased talk about the hit from inflation tied to higher commodity expenses and supply chain problems.

New York Federal Reserve Bank President John Williams on Monday again tried to tamp down inflation concerns, saying it is "important not to overreact" to temporary price volatility caused by the unprecedented pandemic recovery.

Markets also are keeping an eye on the coronavirus crisis in India, where there have been some 20 million cases, overwhelming much of the country's health system.

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Key economic reports this week include the April employment report on Friday, which will show the number of jobs added in the month and update the unemployment rate.

General Motors will release results on Wednesday expected to update the market on the hit from a global semiconductor supply crunch.

Berkshire Hathaway (BRK) shares rose 1.5% after longtime Chief Executive Warren Buffett confirmed to CNBC that Greg Abel would succeed him as the conglomerate's next CEO when Buffett eventually steps down.