(Image by Sergei Tokmakov Terms.Law from Pixabay)
(CNBC) -- Stocks closed higher on Monday as traders grew hopeful that a crisis in the banking sector may be easing. The gains followed a forced takeover of Credit Suisse by UBS engineered by the Swiss government.
The Dow Jones Industrial Average jumped 382.60 points, or 1.20%, to close at 32,244.58. Meanwhile, the S&P 500 rose 0.89% to end the session at 3,951.57. The Nasdaq Composite gained 0.39% and closed at 11,675.54.
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Regional banks rose on Monday, rebounding from big losses in the past week. Wall Street expects more action may be needed to restore confidence in the banking system after U.S. regulators backstopped SVB’s uninsured deposits and offered new funding for troubled banks.
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