Wall Bourse is recovering thanks to big tech and banks.

The three major U.S. stock indexes rose 1.6% to 2.0%, with the strongest gains driven by capital gains from mega-tech companies Apple Inc and Microsoft Corp.

Interest-sensitive banks jumped 5.1% after America’s biggest lender, JPMorgan Chase & Co, raised its interest income forecast for the current year.

Shares of JPMorgan Chase jumped 6.2%.

“This looks more like a rally of relief than a fundamental shift in investor sentiment,” said Oliver Perchet, senior vice president of Wealthspire Advisors, New York. “Investors generally feel like another shoe has fallen, and they’re probably right in the short term.”

On Friday, the S&P 500 closed 18.7% below its January 3 closing record. If the benchmark closes 20% or more below this record, it will confirm that it has been in a bear market since that date.

Markets have been rocked in recent weeks by fears of persistently high inflation and aggressive attempts by the Federal Reserve to contain it as the global economy grapples with the fallout from Russia’s invasion of Ukraine.

“Today it looks like the market is less wary of inflation and the Fed’s ability to arrange a soft landing, so to speak,” said Chuck Carlson, managing director of Horizon Investment Services of Hammond, Indiana.

But “bias always has a downside,” Carlson added.

The Dow Jones Industrial Average added 618.34 points, or 1.98%, to 31,880.24, the S&P 500 added 72.39 points, or 1.86%, to 3973.75, and the Nasdaq Composite advanced 180.66 points. or 1.59%, up to 11,535.28.

The Fed will let investors know its sentiment on Wednesday when it releases the minutes of its latest policy meeting. [FEDWATCH]

Economic data this week could support the idea that inflation peaked in March and show whether high prices have affected consumer purchasing power.

All 11 major sectors of the S&P 500 ended the session in positive territory, with the financial sector showing the largest percentage gain, up 3.2%.

The first-quarter reporting season is almost over, with 474 S&P 500 companies reporting results, 78% of which beat expectations, according to Refinitiv.

Looking ahead, preliminary forecasts for the current quarter are generally pessimistic, with 59 negative and 32 positive forecasts compared to 37 negative and 52 positive in the previous year’s quarter, according to Refinitiv.

Shares of VMWare Inc jumped 24.8% after reports emerged over the weekend that chip maker Broadcom Inc was in talks to acquire a cloud service provider. Broadcom fell 3.1%.

US-listed shares of Chinese car-sharing app Didi Global fell 4.0% after shareholders voted to delist from the New York Stock Exchange.

On the NYSE, ups outnumbered downs by 2.43 to 1; on the Nasdaq, a ratio of 1.44 to 1 favored growth.

S&P 500 posted a new 52-week high and 31 new lows; The Nasdaq Composite recorded 27 new highs and 142 new lows.

Volume on US exchanges was 10.93 billion shares, compared to an average of 13.36 billion over the last 20 trading days.