Stocks closed higher on Wall Street on Monday following seven weeks of declines that nearly ended the bull market that began in March 2020.
The S&P 500 rose 1.9%, the Dow Jones Industrial Average rose 2% and the Nasdaq rose 1.6%. Banks and technology stocks made some of the strongest gains. Concerns about inflation have been weighing on the market and have kept major indexes in a slump recently.
The S&P 500 is coming off its longest weekly losing streak since the dot-com bubble was deflating in 2001. The yield on the 10-year Treasury, which helps set mortgage rates, rose to 2.86%.
Federal Reserve Chairman Jerome Powell is set to deliver a speech on Tuesday, which will be holding the attention of investors. A report on U.S. gross domestic product data is due out on Thursday, CNBC reported.