(Photo: Xinhua)

NEW YORK, May 4 (Xinhua) -- Wall Street's major averages reversed earlier losses to close higher on Monday as the market was bolstered by solid gains in shares of big tech names.

The Dow Jones Industrial Average increased 26.07 points, or 0.11 percent, to 23,749.76. The S&P 500 rose 12.03 points, or 0.42 percent, to 2,842.74. The Nasdaq Composite Index jumped 105.77 points, or 1.23 percent, to 8,710.71.

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 percent and 1.4 percent, 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.