Stocks closed solidly higher on Wall Street Monday after a batch of encouraging global economic data kept investors in a buying mood.

Financial and technology companies powered much of the rally, which extended the market’s gains from last week, when the benchmark S&P 500 closed out its best quarter in nearly a decade.

In another hopeful sign, long-term bond yields rose above their recent lows, following a sharp drop last month that flashed a possible recession warning, rattling Wall Street.

Those concerns were allayed Monday as new economic data suggested a brighter outlook for the U.S. economy. A gauge of U.S. manufacturing notched a big gain in March, while a separate report showed construction spending climbed in February. Meanwhile, an economic report out of China showed growth in exports, employment and orders.

While the more encouraging data gave stocks a boost, the market could face some bumps ahead, said Liz Ann Sonders, chief investment strategist at Charles Schwab.

The S&P 500 gained 32.79 points, or 1.2%, to 2,867.19, notching a three-day winning streak.

The Dow Jones Industrial Average jumped 329.74 points, or 1.3%, to 26,258.42. The Nasdaq composite climbed 99.59 points, or 1.3%, to 7,828.91. The Russell 2000 index of smaller company stocks picked up 16.33 points, for a 1.1% gain, to 1,556.06.

Monday’s gains followed a strong finish to the first quarter for U.S. stocks. The S&P 500 index is now up 14.4% this year, a big turnaround after the index skidded 14 percent in the final quarter of 2018.

Financial and technology companies powered the latest rally. Investors tend to favor those sectors when they’re confident the economy will continue growing. Bank of America gained 3.4% and Intel rose 1.5%.

Consumer product makers and utility companies, which are considered safe-play investments, lagged the market. Clorox fell 1.2% and NRG Energy slid 1.7%.

Bond yields continued rising in another sign that investors are confident in the economy’s growth. That came as a welcome relief following a sharp drop in bond yields to their lowest levels in more than a year.

The yield on the 10-year Treasury note rose sharply, to 2.50% from 2.41% late Friday. It also rose back above the yield on the three-month Treasury bill.

The shift reverses an “inversion” in bond yields that alarmed investors last month because such a phenomenon, when it persists over time, has preceded recessions in the past.

Key bond yields fell to their lowest levels in more than a year on March 22 and continued to slide much of last week after the Federal Reserve said it was seeing slower growth in the economy and no longer expected to raise interest rates this year.

The rise in bond yields helped boost bank stocks. Higher bond yields mean that banks can benefit from higher interest rates on loans. Shares in JPMorgan Chase, Citigroup and Capital One Financial each posted a 3.4% gain.

Lyft plunged 11.9% on its second full day of trading, falling below its initial public offering price of $72 a share. The ride-hailing company has consistently lost money but has posted supercharged growth.

Its IPO had been seen as a harbinger for other hotly anticipated offerings in fast-growing, privately held companies such as Uber, Pinterest and Slack.

Kellogg slid 2.4% on news the packaged foods company is selling its Keebler cookie brand and other sweet snacks businesses to Ferrero, an Italian confectionary company best known for making Nutella, for $1.3 billion.

Energy futures closed higher. Benchmark U.S. crude gained 2.4% to settle at $61.59 a barrel. Brent crude, used to price international oils, closed 2.1% higher at $69.01 a barrel.

Wholesale gasoline added 0.9% to $1.90 a gallon, heating oil picked up 0.8% to $1.99 a gallon and natural gas rose 1.7% to $2.71 per 1,000 cubic feet.

Gold inched 0.3% lower to $1,294.20 an ounce, silver slipped 0.1% to $15.10 an ounce and copper dropped 0.4% to $2.92 a pound.

The dollar rose to 111.37 yen from 110.80 yen on Friday, while the euro weakened to $1.1211 from $1.1214.