US STOCKS-Wall Street closes up on tech rebound; Tesla gains

* Tesla gains on Ark's $3,000 price target by 2025
* Kansas City Southern surges on $25 bln buyout deal
* MSCI Turkey ETF sinks after central bank ouster

(Adds market close at 4 p.m.)
By Herbert Lash
NEW YORK, March 22 (Reuters) - Wall Street rallied on Monday
as technology stocks rebounded from a recent selloff sparked by
surging bond yields and Tesla jumped after a fund run by an
influential investor in the electric-car maker said its shares
could approach $3,000 by 2025.
Tesla Inc's TSLA.O gain provided one of the biggest boosts
to the S&P 500 and Nasdaq after Ark Invest, founded by star
stockpicker Cathie Wood, raised its price target on Friday using
34 inputs in a Monte Carlo model.
Growth stocks rose more than 1% while value shares traded
near break-even in a reversal of this year's big rotation in
investment portfolios.
A sharp run-up in Treasury yields since mid-February has
weighed on high-flying technology stocks that benefit from low
yields as investors swarmed into underpriced value stocks from
the mega-cap growth stocks that have fueled the past year's
rally.
An easing off of 14-month highs in the 10-year U.S. Treasury
note's yield after it hit 1.754% last week has allowed tech
shares to bounce back, said Tom Hayes, chairman of hedge fund
Great Hill Capital LLC in New York.
"It's going to look like tech and growth is back but I think
it will be much more moderate than people think," Hayes said.
"There's a plethora of growth, growth across many sectors, and
we've seen managers bidding those (shares) up in cyclicals and
value. I think that persists over the next 18 months," he said.
The tech-heavy Nasdaq .IXIC outpaced the S&P 500 .SPX
and the Dow .DJI , both of which posted all-time highs last
week on bets that stimulus and vaccine rollouts will likely lead
to the strongest U.S. economic growth since 1983.
"The technology stocks are pretty beaten down and it's not
shocking to see those rebounding a little bit from their lows,"
said Jake Wujastyk, chief market analyst and founding member of
TrendSpider.
Kansas City Southern KSU.N surged after Canadian Pacific
Railway Ltd CP.TO agreed to acquire the railroad operator in a
$25 billion cash-and-stock deal to create the first railway
spanning the United States, Mexico and Canada. Unofficially, the Dow Jones Industrial Average .DJI rose
102.38 points, or 0.31%, to 32,730.35, the S&P 500 .SPX gained
27.46 points, or 0.70%, to 3,940.56 and the Nasdaq Composite
.IXIC added 162.31 points, or 1.23%, to 13,377.54.
Bank stocks .SPXBK , which have enjoyed a rally on
brightening economic prospects, dropped almost 2%.
The S&P 500 tech index .SPLRCT jumped, while energy
.SPNY and financials .SPSY closed in the red.
The iShares MSCI Turkey ETF TUR.O sank about 20% as
President Tayyip Erdogan's decision to oust a hawkish central
bank governor sparked fears of a reversal of recent rate hikes.
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Tesla's 12-month stock performance trounces Nasdaq https://tmsnrt.rs/2NFs9iH
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