Asian shares higher ahead of Russia-Ukraine peace talks

Oil prices are up about 40% globally over concerns about tighter supplies as demand remains strong. Higher oil prices are also raising concerns that already persistently high inflation could be worsened, further threatening global economic growth.

On Wall Street, the S&P 500 rose 0.7% to 4,575.52. The Dow Jones Industrial Average eked out a 0.3% gain, closing at 34,995.89. The tech-heavy Nasdaq composite closed 1.3% higher, at 14,354.90.

Smaller company stocks were little changed. The Russell 2000 index inched up less than 0.1% to 2,078.06.

Tesla jumped 8% after saying it would seek shareholder approval to do another stock split. Plantronics jumped 52.6% after HP said it will buy the headset maker.

Bond yields eased back after shooting higher this month. The yield on the 10-year Treasury fell to 2.46% from 2.49% late Friday. Bond yields have been rising as Wall Street prepares for higher interest rates. The Federal Reserve has already announced a 0.25% hike of its key benchmark interest rate and is prepared to continue raising rates to help temper the impacts of rising inflation.

Investors will get more updates this week on just how much inflation is hurting consumers and businesses. The Conference Board will release its consumer confidence index for March on Tuesday. The Commerce Department will release its February report for personal income and spending on Thursday and the Labor Department will release its employment report for March on Friday.