NEW YORK — U. S. stocks bounced back on Monday after the S&P 500 closed the previous session
at a two-month low, in a broad rally led by recently beaten-down bank and technology shares.
At the closing bell on Monday, the Dow Jones Industrial Average rose 183.67 points, or 0.9 percent, to 20,636.92, the S&P 500 gained 20.06 points, or 0.86 percent, to 2,349.01
and the Nasdaq Composite added 51.64 points, or 0.89 percent, to 5,856.79.
The S&P 500 posted 14 new 52-week highs and 1 new low; the Nasdaq Composite recorded 32 new highs and 49 new lows.
Tuz said strong bank earnings last week kept the group in investors’ favor, and there is support for stocks from expectations
that overall earnings for the S&P 500 will be "pretty robust."
U. S. Vice President Mike Pence put North Korea on notice on Monday, warning
that recent U. S. military strikes in Syria and Afghanistan showed the resolve of President Donald Trump should not be tested.
Incyte Corp tumbled 10.5 percent to $126.07, while Eli Lilly dropped 4.1 percent to $82.38 after the companies said
on Friday the U. S. drug regulator declined to approve a new drug for rheumatoid arthritis from the two partners.
Profits of S&P 500 companies are estimated to have risen 10.4 percent in the latest quarter, the first
double-digit percentage growth since the third quarter of 2014, according to Thomson Reuters I/B/E/S.