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.
Banks made strong gains along with rising bond yields, which they rely on to charge more lucrative interest on loans. The yield on the 10-year Treasury rose to 2.86% from 2.77% late Friday. Bank of America rose 5.9%.
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