Stocks rose Monday as traders regained their footing after the S&P 500 and NASDAQ Composite suffered their worst weekly declines in nearly two months.
The Dow Jones Industrials leaped 256.22 points to open the week at 34,125.49.
The S&P 500 grew 32.29 points to 4,122.75.
The NASDAQ Composite pushed higher 142.47 points, or 1.2%, to 11,860.59.
Microsoft gained 3.6% and Salesforce hiked 1.8% in early Monday trading. Tech was the best-performing S&P 500 sector, popping more than 1%.
The moves came after Federal Reserve Chairman Jerome Powell said that there is still a long way to go in the fight against inflation. Powell also noted that interest rates could rise more than markets anticipate if inflation numbers do not abate, reversing some of the prior market optimism that rate hikes would soon ease.
Investors will get more inflation data this week. On Tuesday, January's consumer price index report will be released, showing if price increases have continued to slow amid the central bank's rate hikes.
The final leg of earnings season also continues this week, with Coca-Cola, Marriott, Cisco, Marathon and Paramount. So far, companies have reported worse-than expected results, making this year the worst earnings season in more than two decades, excluding recessions, according to Credit Suisse.
Prices for the 10-year Treasury gained slightly, lowering yields to 3.73% from Friday's 3.75%. Treasury prices and yields move in opposite directions.
Oil prices lost 52 cents to $79.20 U.S. a barrel.
Gold prices plummeted $10.80 to $1,863.70 U.S. an ounce.
