Stocks Bounce Back as Tech, Retail and Banks Jump

NEW YORK (AP) -

Global stocks rose Monday after taking big losses last week. Major technology companies recovered some of their recent losses and retailers and travel companies climbed on the first full trading day of the holiday shopping season.

Major indexes in the U.S., Europe and Asia all climbed. London’s main stock index jumped after the British government and the European Union agreed to terms governing Britain’s departure from the EU in March. It’s not clear if Parliament will approve the deal.

Stocks have been in a steep downturn since early October, but that slump has included some substantial rallies. Banks rose Monday as interest rates turned higher after a two-week slide. The first full trading day of the year-end shopping period was a strong one for companies that sell goods and services to consumers. Amazon surged 5 percent and Tiffany rose almost 4 percent.

Stocks have skidded recently as investors have grown doubtful that the U.S. and China will resolve their differences over technology policy and other issues.

The S&P 500 climbed 40.89 points, or 1.6 percent, to 2,673.45. The Dow Jones Industrial Average gained 354.29 points, or 1.5 percent, to 24,640.24.

The Nasdaq rose 142.87 points, or 2.1 percent, to 7,081.85. The Russell 2000 index of smaller-company stocks added 17.28 points, or 1.2 percent, to 1,505.96.

Among retailers, Amazon rallied 5.3 percent to $1,581.33 and Nike rose 1.7 percent to $72.71. Companies in travel and leisure also surged. Booking Holdings, the parent company of Priceline, gained 2.2 percent to $1,802.44 and MGM Resorts rose 5 percent to $27.11.

General Motors rocketed 4.8 percent to $37.65 after announcing it will lay off 14,000 factory and white-collar workers in North America and could close five plants. GM said that it will focus more on autonomous and electric vehicles, and wants to prepare for a future economic downturn while conditions are good. Rival Ford rose 3 percent to $9.40. Both stocks are down substantially this year.

Benchmark U.S. crude added 2.4 percent to $51.63 a barrel in New York. Brent crude, the international standard, gained 2.9 percent to $60.48 a barrel in London.

Crude prices have dropped by about one-third since early October as investors reacted to rising global fuel stockpiles.

The dollar rose to 113.64 yen from 112.88 yen late Friday. The euro edged down to $1.1328 from $1.1330.

Bond prices fell. The yield on the 10-year Treasury note rose to 3.06 percent from 3.05 percent. That sent interest rates higher, which helped banks. JPMorgan Chase jumped 2.4 percent to $109.26 and Citigroup climbed 3.2 percent to $63.73.