U.S. stocks ended higher on Monday as gains from banks and a rebound in market-leading tech shares supported a broad-based rally following Wall Street’s longest streak of weekly declines since the dotcom bust more than 20 years ago.
Interest rate-sensitive banks jumped 5.1% after the largest U.S. lender, JPMorgan Chase & Co raised its current year interest income outlook. JPMorgan Chase’s stock surged 6.2%.
“It feels like a relief rally more than a fundamental change in investor sentiments,” said Oliver Pursche, senior vice president at Wealthspire Advisors, in New York. “Investors as a whole feel like there’s another shoe to drop and they’re probably right in the short term.”
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