Stocks closed higher on Wall Street 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%. The yield on the 10-year Treasury, which helps set mortgage rates, rose to 2.86%.
Banks and technology stocks made some of the strongest gains. VMware surged 20.8% following a report that chipmaker Broadcom is offering to buy the cloud-computing company. JPMorgan Chase jumped 6.9% after giving investors an encouraging update on its financial forecasts.
Retailers and some other companies that rely on direct consumer spending lagged the rest of the market. Amazon fell 0.7%. A series of disappointing earnings reports from key retailers last week raised concerns that consumers are tempering spending on a wide range of goods as they get squeezed by rising inflation.
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