Stocks closed sharply higher on Monday as bank shares rose, while concerns over a trade war between the U.S. and key partners dissipated for the moment.
The Dow Jones Industrial Average rallied 320.11 points to 24,776.59, with J.P. Morgan Chase, Goldman Sachs and Caterpillar as the best-performing stocks in the index. The S&P 500 gained 0.7 percent and closed at 2,784.17, as financials climbed 2.3 percent. The Nasdaq composite also advanced 0.9 percent to 7,756.20 as Amazon, Netflix and Apple all rose at least 1 percent.
Bank stocks rose at least 2.5 percent, led by Bank of America, Citigroup, Goldman Sachs and J.P. Morgan Chase. The SPDR S&P Bank ETF (KBE) rose 2.3 percent and posted its best day since March 26, when it gained 3.3 percent.
Equities also got a boost from a positive jobs report released on Friday, which revealed that the U.S. economy added 213,000 jobs in June, beating expectations. The report helped divert attention away from the ongoing trade war between the U.S. and its biggest partners.