Stocks moved broadly higher on Monday as Wall Street tried to rebound from a losing week.
The Dow Jones Industrials rocketed 330.58 points, or 1%, to 33,230.28.
The S&P 500 climbed 58.47 points, or 1.4%, to 4,167.01.
The NASDAQ Composite heightened 215.41 points, or 1.8%, to 12,228.14.
Sentiment got a boost on after Beijing rolled back some Covid-related restrictions. Meanwhile, The Wall Street Journal reported that Chinese regulators are wrapping up their investigations into ride-hailing giant Didi — potentially signaling that the country's crackdown on its tech sector may be coming to an end.
Overseas, stocks rose more than 1% in China and over 2% in Hong Kong. Shares of Didi jumped more than 50%.
Tech stocks rose in the U.S., with Apple gaining more than 1%. Shares of Amazon rose 2% following a 20-for-1 stock split.
Elsewhere, solar stocks moved higher after the Biden administration moved to suspend tariffs on solar panel products from four countries.
Bank stocks also gained ground, with JPMorgan and Citibank adding more than 1% each, as interest rates rose.
Monday's action followed another disappointing week for investors as the major averages suffered modest losses. The blue-chip Dow fell 0.9% for its ninth negative week in 10, while the S&P 500 and the Nasdaq Composite lost 1.2% and 1%, respectively, last week for their eighth losing week in nine.
Investors have been grappling with fears that the central bank could raise interest rates too fast and too much, causing a recession. Recent statements from the policy-setting Fed members indicate that 50 basis point — or a half-percentage-point — rate increases are likely at the June and July meetings.
Treasury prices faltered, raising yields to 2.99% from Friday's 2.95%. Treasury prices and yields move in opposite directions. \Oil prices slipped 27 cents to $118.50 U.S. a barrel.
Gold prices eked ahead $1.50 to $1,851.70 U.S. an ounce.