New York, May 5 (IANS): Wall Street's major averages reversed earlier losses to close higher as the market was bolstered by solid gains in shares of big tech names.

On Monday, the Dow Jones Industrial Average increased 26.07 points, or 0.11 per cent, to 23,749.76. The S&P 500 rose 12.03 points, or 0.42 per cent, to 2,842.74. The Nasdaq Composite Index jumped 105.77 points, or 1.23 per cent, to 8,710.71, Xinhua news agency reported.

Shares of US tech giants, the so-called FAANG group of Facebook, Apple, Amazon, Netflix and Google-parent Alphabet, all closed higher.

Eight of the 11 primary S&P 500 sectors gained, with energy and technology up 3.7 per cent and 1.4 per cent, respectively, outpacing the rest.

Airline shares slid broadly. Billionaire investor and Berkshire Hathaway Chairman Warren Buffett said Saturday that his conglomerate had sold all of its airline stocks, sending an alarming signal to the US airline industry devastated by the COVID-19 outbreak.