Bank, Tech Stocks Reverse Market's Drop

S&P 500, Dow, and Nasdaq all post gains
By Newser Editors and Wire Services
Posted May 23, 2022 3:57 PM CDT
Decline Reverses as Bank, Tech Stocks Climb
Specialist Douglas Johnson works Monday on the trading floor at the New York Stock Exchange.   (David L. Nemec/New York Stock Exchange via AP)

(Newser) – Stocks closed higher Monday on Wall Street following seven weeks of declines that nearly ended the bull market that began in March 2020. Banks and technology stocks made some of the strongest gains, the AP reports, and bond yields rose. Concerns about inflation have been weighing on the market and have kept major indexes in a slump recently. The S&P 500 is coming off its longest weekly losing streak since the dot-com bubble was deflating in 2001. The S&P 500 rose 72.39 points Monday, or 1.9%, to 3,973.75. The Dow rose 618.34 points, or 2%, to 31,880.24. And the Nasdaq rose 180.66 points, or 1.6%, to 11,535.27.

The technology sector has been choppy over the past few weeks and has prompted many of the market's recent big swings, per the AP. Retailers and some other companies that rely on direct consumer spending lagged the rest of the market on Monday. Updates on the economy coming this week include a report from the Commerce Department on Thursday on first-quarter gross domestic product on Thursday. Data on personal income and spending for April are scheduled to be released Friday.

(Read more stock market stories.)

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