U.S. stocks advanced Monday, led by rebounding shares of technology and communications companies, as investors grew more comfortable with the inflation outlook and the pace of the economic recovery.

The tech-heavy Nasdaq Composite rose 190.18 points, or 1.4%, to 13661.17, adding to its recovery after it eked out a small gain last week and snapped a four-week losing streak.

The S&P 500 climbed 41.19 points, or 1%, to 4197.05. The Dow Jones Industrial Average gained 186.14 points, or 0.5%, to close at 34393.98.

Investors are keeping a close eye on inflation indicators to determine whether a recent rise in prices is temporary or part of a longer-term trend. Energy and materials companies that are able to pass along higher costs to consumers have been an increasingly popular trade, while tech companies’ shares and bonds have lagged behind.

“Inflation concerns have lessened,…

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