Stocks traded higher to start the week, seeking to make up ground after the latest sell-off.
All three major indexes posted gains on Monday, with bank stocks among the leaders of the rebound.
The question on investors’ minds, however, is how much strength this bounce has. The Nasdaq Composite is off more than 28% from its highs. The S&P 500 is down 17.5% from its record after briefly falling into a bear market Friday. Stocks have declined all year, despite several small relief rallies. |
Ross and TJX Companies were among the notable gainers in the market. The retail sector has been a focal point for investors who are keen to see how high inflation is affecting consumer demand and company earnings.
It’s been a busy few days for retail earnings, but there’s more ahead with several big names scheduled to report this week.
Banks also got a nice lift as Treasury yields climbed. JPMorgan advanced about 6.2% after its CEO said the bank could hit a key performance target sooner than expected, thanks to rising rates. Shares of its peers Bank of America, Wells Fargo and Citi also rose.
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