Positive news about JPMorgan Chase's earnings and President Joe Biden's comments about US tariffs on China boosted Wall Street sentiment Monday.
The Dow rose 620 points Monday, or 2%. JPMorgan Chase (JPM) jumped 6% after the Wall Street giant raised its interest income outlook.
Goldman Sachs (GS), American Express (AXP), and Visa (V) also gained Monday. S&P gained 1.9%.
JPMorgan Chase also topped that blue-chip index. Citigroup, Bank of America, Wells Fargo, and Comerica were S&P 500 leaders.
Banks have been market losers this year, even though the Fed is raising interest rates.
Higher rates should boost lending profits, but investors worry inflation and rate hikes will slow the housing market and economy.
Quant Insight co-founder and CEO Mahmood Noorani said many financial stocks were cheap. The Financial Select Sector SPDR ETF (XLF), which owns most top banks, rose 3% Monday.
Monday's Nasdaq rose 1.6%. Biden's talk about possibly rolling back tariffs on Chinese imports would be good for the tech sector, which does business in China.
CEOs predict market trends
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