Bank, oil stocks lead Dow higher by 500 pts, sees best day since mid-May
The S&P 500 and the Dow rebounded on Monday with financials and energy shares rising, as investors piled back into stocks that are set to benefit from a broader economic recovery.
All of the 11 S&P sectors advanced in early trading, with energy, financials, industrials and materials jumping more than 1.5% each.
The Dow Jones Transports Average, considered a barometer of economic health, jumped 1.4%, while the small-cap Russell 2000 added 1.1%.
The broader banking index rose 1.6% after crashing to a two-month low last week.
The Dow and the S&P 500 last week suffered their worst weekly performance in months after the Federal Reserve penciled in two interest rate increases in 2023, sooner than anticipated.
