U.S. stocks surged Monday after two banks reported better-than-expected financial results and ahead of key corporate earnings reports this week.
The Dow Jones Industrial Average rose 550.91 points, or 1.86%, to 30,185.82.
The S&P 500 rose 94.88 points, or 2.65%, to 3,677.95, and the tech-heavy Nasdaq
Composite surged 354.41 points, or 3.43%, to 10,675.80.
Bank of America (BAC) and Bank of New York Mellon (BK) each beat analysts’ expectations with their earnings reports Monday. Bank of America shares rose $1.92, or 6.07%, to close at $33.62. Bank of New York Mellon’s share price rose $1.97, or 5.13%, to close at $40.38.
Netflix (NFLX), Tesla (TSLA) and IBM (IBM) are each scheduled to report
quarterly earnings this week. Others scheduled to report earnings include Johnson & Johnson (JNJ), United Airlines (UAL), AT&T (T) and Verizon (VZ).
Stocks traded wildly last week and closed three of the five trading days mostly
down, hitting some new lows for the major indexes. Analysts see more volatility ahead.
Some of the big tech stocks that rose Monday included Apple (AAPL), which closed at $142.41, up $4.03, or 2.91%. Shares of Facebook parent Meta Platform’s (META) rose $7.28, or 5.74%, to close at $134.04.
“Given the fact that people are so pessimistic right now, having companies hit their numbers and not lower [guidance] dramatically could be all that’s needed for markets to rally for a while,” Wayne Wicker, chief investment officer at MissionSquare retirement fund, told CNBC.