Stocks rose on Monday as strong gains in tech shares like Apple and Facebook offset a steep decline in Boeing.
The Dow Jones Industrial Average closed 200.64 points higher at 25,650.88 after falling more than 200 points. The S&P 500 gained 1.47 percent to end the day at 2,783.30, led by a 2.17 percent jump in the tech sector. The Nasdaq Composite advanced 2.02 percent to 7,558.06. The indexes also snapped a five-day losing streak.
Boeing fell 5.3 percent after a plane crash on Sunday that involved the 737 MAX 8 jet. This is the second crash in less than six months involving that model. Boeing's decline shaved off more than 150 points from the Dow given the index's price-weighted nature and the stock's high price relative to other Dow components.
However, Apple shares rose 3.47 percent — offsetting some Boeing's losses — after Bank of America Merrill Lynch upgraded the stock to buy from neutral. Bank of America noted the company's recent pullback presents "opportunity." The bank also raised its 12-month price target to $210 per share from $180.
Facebook gained 1.46 percent after Nomura Instinet upgraded it to buy from neutral. In a note to clients, analyst Mark Kelley said consumers are transitioning to Facebook's Stories format and its increased focus on messaging. Kelley also hiked his price target to $215 per share from $172.
Tech shares also got a boost after Nvidia announced it is buying Mellanox Technologies for $6.8 billion. Nvidia rose more than 6.97 percent while Mellanox surged 7.78 percent.