U.S. stocks jumped on Monday, bouncing back from the longest weekly losing streak in a year for the S&P 500 and the Dow, with technology, banks and travel shares leading the advance.
All the 11 major S&P 500 sectors were up in early trading. The S&P 500 financials index .SPSY jumped 2.6% and was on track for its best day in two and a half months.
Shares of technology-related stocks, which bore the brunt of a sell-off earlier this month, were higher, with Facebook Inc FB.O, Alphabet Inc GOOGL.O, Amazon.com Inc AMZN.O, Apple Inc AAPL.O and Netflix Inc NFLX.O adding about 1% each.
John Traynor, chief investment officer at People’s United Advisors, said the broad-based rally was a positive for risk sentiment as “what it tells you is that confidence is increasing that the economy is going to rebound.”
Travel-related shares, including Delta Air Lines DAL.N, United Airlines UAL.O and American Airlines Group Inc AAL.O, rose between 4.7% and 5.0%.
American Airlines Group Inc AAL.O said on Friday it secured a $5.5 billion Treasury loan and could tap up to $2 billion more in October.
