Stocks closed broadly higher Monday, an upbeat start to the week on Wall Street after seven weeks of declines that nearly ended the bull market that began in March 2020.
The recent heavy selling on the market has primed traders to snap up big tech stocks and shares in other companies that had been high flyers before the market’s punishing skid, said Quincy Krosby, chief equity strategist for LPL Financial.
Smaller company stocks also staged a rally. The Russell 2000 rose 19.50 points, or 1.1%, to 1,792.76. Meanwhile, a series of disappointing earnings reports from key retailers last week raised concerns that consumers are tempering spending on a wide range of goods as they get squeezed by rising inflation.
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