U.S. stocks ended higher on Monday, as a rally in bank stocks and a rebound in technology stocks drove broad gains, after Wall Street posted its longest weekly decline since the dot-com bubble burst more than 20 years ago. The three major U.S. stock indexes rose between 1.6% and 2.0%, with the biggest boost from the rebound of technology giants Apple and Microsoft. Shares of interest-rate-sensitive banks jumped 5.1 percent after JPMorgan, the largest U.S. bank, raised its forecast for interest income for the year. Shares of JPMorgan Chase rose 6.2%.

On Friday, the S&P 500 closed 18.7% below its Jan. 3 record high. A close 20% or more below the last high for the benchmark stock index would confirm that the index has been in a bear market since then. Markets have been volatile in recent weeks, with concerns over persistently high inflation and aggressive efforts by the Federal Reserve to rein in inflation as the global economy grapples with the fallout from Russia’s invasion of Ukraine. "Today, the market appears to be less concerned about inflation factors and whether the Fed will be able to push for a soft landing," said Chuck Carlson, chief executive of Horizon Investment Services. Still, he added, "risks remain skewed to the downside."

The Dow Jones Industrial Average rose 618.34 points, or 1.98%, to 31,880.24, the S&P 500 gained 72.39 points, or 1.86%, to 3,973.75 and the Nasdaq Composite added 180.66 points, or 1.59%, to 11,535.28. All 11 major S&P 500 sectors ended higher, led by financials, which climbed 3.2%. As the first-quarter earnings season draws to a close, 474 of the S&P 500 companies have reported results. Of those, 78 percent beat expectations, according to Refinitiv data.

Investors will get a glimpse of what policymakers are thinking when the Fed releases minutes from its most recent policy meeting on Wednesday. Economic indicators due this week are likely to further support the view that inflation peaked in March and show whether high prices have hurt consumers' purchasing power.

Looking ahead, companies are generally pessimistic about their forecasts for the current quarter, with 59 companies giving negative forecasts and 32 positive forecasts, compared with 37 negative forecasts and 52 positive forecasts for the same period last year, according to Refinitiv data.

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