The Dow Jones Industrial Average jumped 603.14 points, or 1.95 percent, to 31,535.51. The S&P 500 increased 90.67 points, or 2.38 percent, to 3,901.82. The Nasdaq Composite Index rose 396.48 points, or 3.01 percent, to 13,588.83.
All the 11 primary S&P 500 sectors finished in green, with technology and financials up 3.18 percent and 3.12 percent, respectively, leading the gains.
U.S.-listed Chinese companies traded mostly higher with nine of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.
The above market rally came as a rapid advance in U.S. bond yields stalled, easing investors' concerns over rising interest rates.
The yield on the benchmark 10-year U.S. Treasury fell to around 1.42 percent Monday afternoon. It spiked to 1.614 percent last Thursday, its highest level since February 2020.
Normally, low yields result in low borrowing costs, attractive mortgage rates, and could provide a boost to the equity markets, while higher yields make bonds a more viable alternative to stocks.
Investors also eyed updates regarding U.S. stimulus. The Democrats-held House approved a 1.9-trillion-U.S.-dollar COVID-19 relief package early Saturday morning amid unanimous Republican opposition, sending the bill to the Senate.
For the week ending Friday, the Dow lost 1.8 percent, while the S&P 500 and the Nasdaq fell 2.5 percent and 4.9 percent, respectively.
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