Stocks gain ground, pound rallies

NEW YORK (AP) — U.S. stocks rallied on Monday and Treasury yields eased off their multiyear highs as Wall Street leaves behind the worst month since the virus pandemic crashed global markets.

The S&P 500 rose 1.9% as of 12:04 p.m. Eastern. The Dow Jones Industrial Average rose 621 points, or 2.2%, to 29,343 and the Nasdaq rose 1.5%.

Energy stocks made the biggest gains as U.S. crude oil prices jumped 5%. Exxon Mobil rose 4.5%. The oil cartel OPEC is expected to announce production cuts this week. Technology stocks also made strong gains. Microsoft rose 2%.

Treasury yields fell significantly and relieved pressure on stocks. The yield on the 10-year Treasury, which influences mortgage rates, fell to 3.62% from 3.83% late Friday. The two-year yield, which more closely tracks expectations for Federal Reserve action on interest rates, fell to 4.09% from 4.27%.