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U.S. stocks climbed Monday and clawed back a chunk of their losses from last week, which was the worst for the S&P 500 in more than a year.
The S&P 500 rose 0.9 percent to recover more than a quarter of last week’s rout. The Dow Jones Industrial Average added 253 points or 0.7 percent, and the Nasdaq composite jumped 1.1 percent.
The rally was widespread, and most stocks across Wall Street rose. In the S&P 500, technology stocks led the way to bounce back from their worst week since the COVID-19 crash of 2020.
Nvidia leaped 4.4 percent while Alphabet climbed 1.4 percent as Treasury yields stabilized in the bond market. Last week, a jump in yields cranked up the pressure on stocks, particularly those seen as the most expensive and making their investors wait the longest for big growth.
Bank stocks were also strong following some encouraging profit reports. Truist Financial rallied 3.4 percent after its profit for the start of the year topped analysts’ expectations.
They helped offset a 3.4 percent drop for Tesla, which announced more cuts to prices over the weekend.
