Stocks closed higher on Wall Street Monday following seven weeks of declines that nearly ended the bull market that began in March 2020.

The S&P 500 rose 1.9%, the Dow Jones Industrial Average rose 2% and the Nasdaq rose 1.6%.

Banks and technology stocks made some of the strongest gains.

Concerns about inflation have been weighing on the market and have kept major indexes in a slump recently.

The S&P 500 is coming off its longest weekly losing streak since the dot-com bubble was deflating in 2001.

The yield on the 10-year Treasury, which helps set mortgage rates, rose to 2.86%.

Lingering concerns about inflation have been weighing on the market and have kept major indexes in a slump. The benchmark S&P 500 is coming off its longest weekly losing streak since the dot-com bubble was deflating in 2001. It came close to falling 20% from its peak earlier this year, which would put the index at the heart of most workers’ 401(k) accounts into a bear market.

Inflation's impact on consumers and businesses has been the key worry for markets, along with the Federal Reserve's attempt to temper that impact by aggressively raising interest rates. Inflation brought on by a big supply and demand disconnect has worsened because of Russia’s invasion of Ukraine and its impact on energy prices. Supply chains were further hurt by China’s recent series of lockdowns for several major cities facing rising COVID-19 cases.

Investors are worried that the central bank could go too far in raising rates or move too quickly, which could stunt economic growth and potentially bring on a recession. On Wednesday, investors will get a more detailed glimpse into the Fed’s decision-making process with the release of minutes from the latest policy setting meeting.

Wall Street will also get a few economic updates this week from the Commerce Department. On Thursday it will release a report on first-quarter gross domestic product and on Friday it will release data on personal income and spending for April.

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