Stocks shook off a midday slump and closed higher on Wall Street, though energy companies ended in the red as crude oil prices fell sharply.

The S&P 500 ended 0.7% higher Monday, after being down as much as 0.6%.

Tesla jumped 8% after saying it would seek shareholder approval to do another stock split.

Crude oil prices sank 7%.

China started to lock down Shanghai, its largest city and financial center, to conduct mass testing and control a growing outbreak of COVID-19.

Bond yields fell after shooting higher earlier this month. The yield on the 10-year Treasury fell to 2.46%.