(CNBC) -- Stocks bounced on Monday as investors snapped up beaten-down shares such as banks after the Dow Jones Industrial Average notched eight straight losing weeks.
The blue chip index jumped 618.34 points, or 2%, to 31,880.24. The S&P 500 advanced 1.9% to 3,973.75, cutting its losses after falling into bear market territory at one point on Friday, down more than 20% from its record. The Nasdaq Composite rose 1.6% to 11,535.28.
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It remains to be seen how long the three indexes can hold these levels, analysts said. Investors have been here before, welcoming small relief rallies during this year’s turmoil but wondering when the rebound will be strong enough to reverse the months-long downtrend.