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Stocks go up after the brush with a bear market

Stocks rose on Monday, off a positive start to the week after the S&P 500 briefly entered Bear Market District On Friday, a symbolic sign of investor pessimism about the health of the economy. The index is still closing the week with its seventh consecutive decline, the longest losing streak since the dotcom crash.

“We’ve had four consecutive weeks with at least one day in negative territory of 3 percent or more in the S&P 500,” said Liz Young, SoFi’s head of investment strategy. “I think it’s normal for the market to see a little relief here and there because of those big recession days.”

  • The Standard & Poor’s 500 Index jumped 1.9 percent in afternoon trading. The Nasdaq Composite Index rose 1.5 percent.

  • Software company shares VMware It rose more than 20 percent on reports that Broadcom, the semiconductor giant, is in talks to acquire the company.

  • Retailers regained their footing on Monday, led by Ross Stores, which was the best performer in the Standard & Poor’s 500 Index. Its stock rose 10 percent, reversing some declines last week on concerns that inflation was dampening consumers’ enthusiasm. Banks also outperformed the market, after JPMorgan Chase made an upbeat presentation to investors, raising its revenue forecast for the year. Its shares rose by 7 percent.

  • European stock indices rose, with the Stoxx Europe 600 index up 1 percent on Monday. The euro rose 1 percent against the dollar, after Christine Lagarde, president of the European Central Bank, wrote in Blog post High inflation could prompt the central bank to raise interest rates at its July meeting.

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

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