Nasdaq jumps 1.3% as major indexes close higher after erasing steep losses

All three major U.S. stock benchmarks closed higher Monday, recovering from losses earlier in the trading session, as Treasury yields fell and investors appeared to shrug off concerns over China’s Covid-19 lockdown. The Nasdaq Composite COMP, +1.29% led the way higher with a 1.3% gain, followed by the Dow Jones Industrial Average, which finished up 0.7%, according to preliminary FactSet data. The S&P 500 closed with a modest gain of about 0.6%, with mixed results across its 11 sectors. Information technology and communication services booked the biggest gains in the S&P 500 index, while energy was the worst-performing sector Monday, FactSet data show. Major stock benchmarks rose as the yield on the 10-year Treasury note TMUBMUSD10Y, 2.828% fell 8 basis points to 2.825%, the largest one-day decline since March 4 based on 3 p.m. Eastern Time levels, according to Dow Jones Market Data.