Wall Street was hit by a bear market on Monday after a two-month slump, with major indices falling for seven consecutive weeks.
The Dow Jones Industrial Average rose more than 600 points, while the tech-dominated Nasdaq was up 1.7% as of noon.
The S&P 500, which entered bear market territory on Friday after falling more than 20% from its record high, gained 2%.
Banks made strong profits along with rising bond yields, which they rely on to charge more attractive interest on loans. The yield on the 10-year Treasury rose to 2.83% from 2.77% late Friday. Bank of America rose 5.6 percent.
Technology stocks also did some heavy lifting. Apple rose 2.6% and Microsoft 2.3%.
The area has been choppy over the past few weeks and has prompted a lot of market volatility.
VMware rose 19.9% after a report that chipmaker Broadcom is offering to buy the cloud-computing company.
Retailers and other companies that rely on direct consumer spending slipped. Amazon fell 2.5% and Home Depot 1.4%.
A series of disappointing earnings reports from major retailers last week sparked concerns that consumers are reducing spending on a wide range of goods as they get squeezed by rising inflation.
Lingering concerns about inflation weighed on the market and kept major indices bearish.
The benchmark S&P 500 is experiencing its longest weekly loss ever since the dot-com bubble broke in 2001.
It came close to falling 20% from its peak earlier this year, which would put the index in a bear market at the center of most workers’ 401(k) accounts.
post with wires