Stocks rise after a brush with a bear market.

Stocks rose on Monday, giving the S&P 500 a positive start to the week after briefly entering bear market territory on Friday. The index closed the week with a seventh straight decline, the longest straight decline since the dot-com crash.

“For the fourth week in a row, we’ve seen at least one day in the minus 3%+ area of ​​the S&P 500,” said Liz Young, SoFi’s head of investment strategy. “I think it’s natural for the market to feel a little bit of relief here and there because of the big recession that day,” she said.

  • The S&P 500 was up about 1.9% in afternoon trading. The Nasdaq Composite rose 1.5%.

  • Shares of software company VMware rose more than 20% on reports that semiconductor giant Broadcom was in talks to acquire the company.

  • Retailers have established a foothold led by Ross Stores, the best performing S&P 500 on Monday. The stock rose 10%, reversing some of last week’s decline on fears that inflation will undermine consumer enthusiasm. After JPMorgan Chase gave an optimistic presentation to investors, banks also outpaced the market, raising their sales forecasts for this year. Shares rose 7%.

  • European shares were higher on Monday as the Stoxx Europe 600 rose 1%. European Central Bank (ECB) President Christine Lagarde writes that the euro is up 1% against the dollar blog post High inflation could cause the central bank to raise rates at its July meeting.

  • Asian stock markets were mixed with Hong Kong’s Hang Seng Index (1.2%), China’s CSI 300 Index (0.6%) and Japan’s Nikkei 225 Index (1%).

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