Stocks shrugged off a wobbly start to finish solidly higher on Wall Street Monday, as the market clawed back half its losses from last week.
The S&P 500 rose 1.5% after having been down 0.3%. The market rallied after a much healthier-than-expected report on the housing market put investors in a buying mood.
Technology, industrial and communications stocks accounted for much of the market’s broad gains. European stocks also closed higher. Treasury yields were mixed and oil prices rose.
The S&P 500 gained 44.19 points to 3,053.24. The Dow Jones Industrial Average rose 580.25 points, or 2.3%, to 25,595.80. The Nasdaq composite added 116.93 points, or 1.2%, to 9,874.15.
Stocks of smaller companies also jumped more than the rest of the market, which often happens when investors are feeling more optimistic about the economy.
The Russell 2000 index of small-cap stocks picked up 42.43 points, or 3.1%, to 1,421.21. The index made up for all of its loss from last week.