04:27 PM EDT, 03/24/2025 (MT Newswires) -- US benchmark equity indexes closed higher on Monday, driven by an unexpected upturn in service sector activity.

The Nasdaq Composite rose 2.3% to 18,188.6, while the S&P 500 increased 1.8% to 5,767.6. The Dow Jones Industrial Average was up 1.4% to 42,583.3. All sectors except utilities were in black, with consumer discretionary up 4%.

US Treasury 10-year Treasury yield gained 8 basis points to 4.3% and the two-year rate was up 7.8 basis points to 4%.

May West Texas Intermediate crude oil increased 1.4% to $69.23 a barrel Monday.

In economic news, March saw unexpected US private sector growth, S&P Global's (SPGI) flash purchasing managers' index showed. However, tariff concerns clouded the year-ahead outlook.

"A welcome upturn in service sector activity in March has helped propel stronger economic growth at the end of the first quarter," S&P Global Market Intelligence Chief Business Economist Chris Williamson said. "A key concern over tariffs is the impact on inflation, with the March survey indicating a further sharp rise in costs as suppliers pass tariff-related price hikes on to US companies."

In company news, Tesla (TSLA) was the top gainer on the S&P 500, with shares up 12%. BYD's 2024 operating revenue Monday of 777.10 billion Chinese renminbi ($107.20 billion) exceeded estimates and Tesla's revenue for the same year.

UAL was up 7.2%. The company is increasing United Club membership fees along with pricing structure changes, according to multiple media reports, citing a notification sent to the company's customers.

Lockheed Martin ( LMT ) shares were down 1%. The company's Sikorsky unit agreed to a deal with Israel's defense ministry to integrate Israeli systems into 12 of its CH-53K Pere helicopters, Reuters reported, citing the ministry.

Unity Biotechnology ( UBX ) shares fell almost 29%. The company's diabetic macular edema treatment for patients with poor vision did not achieve statistical non-inferiority at the primary analysis endpoint in a phase 2b trial.

Gold dropped 0.3% to $3,013.3 per troy ounce, while silver was up 0.03% to $33.50 per troy ounce.