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 percent, the Dow Jones Industrial Average rose 2 percent and the Nasdaq rose 1.6 percent.
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.