Wall Street recovered on Monday as gains from banks and previously battered megacap market leaders helped US equities recover from their longest weekly losing run since the dotcom crash.
All three major U.S. stock indexes were sharply higher, with a rebound in growth stocks providing the biggest lift. The S&P 500 closed 18.7% below its record closing high reached on Jan. 3.
If the benchmark index closes 20% or more below that record, it will confirm it has been in a bear market since then. (Closes):
The Dow Jones Industrial Average rose 619.8 points, or 1.98%, to 31,881.7; the S&P 500 gained 67.53 points, (1.73%) to 3,968.89; and the Nasdaq added 143.35 points,.(1.26%), to 11,497.96.
Financials were enjoying the largest percentage gain; first-quarter reporting season is nearly a wrap.
This report’s information was first seen on Reuters; to read more, click this link.