US STOCKS-Wall Street rises on tech boost; Tesla gains

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* Tesla gains as Ark Invest sets PT of $3,000 by 2025
* Kansas City surges on $25 bln buyout deal from Canadian
Pacific
* MSCI Turkey ETF sinks after shocking exit of c.bank
governor
* Indexes up: Dow 0.13%, S&P up 0.42%, Nasdaq rises 0.83%

(Updates to market open)
By Medha Singh and Devik Jain
March 22 (Reuters) - Wall Street's main indexes rose on
Monday as technology stocks rebounded from a recent pullback
that was sparked by a surge in bond yields, while Tesla shares
surged after Cathie Wood's Ark Invest set a three-year price
target of $3,000.
Heavyweight Tesla Inc's TSLA.O 5% jump to $690 provided
the biggest boost to the S&P 500 and Nasdaq. The high-flying
$26.6 billion ARK Innovation ARKK.P ETF counts Tesla as its
largest holding. A sharp run-up in Treasury yields since mid-February has
dictated the course of equities trading, while weighing on
high-flying tech-focused stocks.
"Tech will get a bid if yields moderate and that'll probably
be the theme for the next couple of months," said Thomas Hayes,
chairman at Great Hill Capital in New York.
"Toward the end of the year, value and cyclicals will
reemerge, and make new highs once again."
Russell 2000 Growth .RLG , which consists largely of
technology stocks, added about 0.7%; while its value counterpart
.RLV , which focuses on economy-linked financial and energy
stocks, dropped about 0.3%.
The Nasdaq climbed about 0.8% to start the week as the
benchmark 10-year Treasury yield US10YT=RR dipped to 1.688%
from a near 14-month high. The index .NDX is still down more
than 6% from its Feb. 12 record close.
The S&P 500 .SPX and the Dow .DJI , however, clinched
all-time highs as early as last week on bets that stimulus and
vaccine rollouts would lead to a strong rebound in the U.S.
economy.
Kansas City Southern KSU.N jumped about 17% 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.
At 09:58 a.m. EDT the Dow Jones Industrial Average .DJI
rose 44.01 points, or 0.13% , to 32,671.98, the S&P 500 .SPX
gained 16.37 points, or 0.42 %, to 3,929.47 and the Nasdaq
Composite .IXIC gained 109.31 points, or 0.83 %, to 13,324.54.
Bank stocks .SPXBK , which have enjoyed a rally on
brightening economic prospects, dropped about 1%.
The iShares MSCI Turkey ETF TUR.O sank about 18% as
President Tayyip Erdogan's decision to oust a hawkish central
bank governor sparked fears of a reversal of recent rate hikes.
Declining issues outnumbered advancers by a 1.2-to-1 ratio
on the NYSE and by a 1-to-1 ratio on the Nasdaq.
The S&P 500 posted seven new 52-week highs and no new lows,
while the Nasdaq recorded 76 new highs and 27 new lows.