Stocks mounted a broad rally Monday with the Dow surging more than 400 points, as the market looked to recover from recent heavy losses sparked by fears over rising interest rates.
The Dow Jones Industrial Average gained 410.37 points, or 1.7%, to 24,601.27. The S&P 500 rose 36.43 points, or 1.39%, to 2,655.99. The Nasdaq Composite was up 107.47 points, or 1.56%, at 6,981.
U.S. stocks are coming off a turbulent week in which the Dow recorded its largest percentage decline since January 2016. Investors are closely watching the Federal Reserve, which could opt to raise interest rates at a faster pace as inflation rises. The yield on the benchmark 10-year Treasury bond hit a four-year high of nearly 2.9% Monday.
Shares of equipment makers and steel producers rallied after the Trump administration rolled out a plan to boost spending on infrastructure. Caterpillar (CAT) rose 2.1%, while U.S. Steel (X) jumped 5.8%.