(AP) -- Stocks rose broadly in morning trading on Wall Street Monday led by banks and a mix of travel-related companies that stand to benefit from more reopening of the economy.
The S&P 500 rose 1% as of 10:23 a.m. Eastern. More than 80% of stocks in the index gained ground. The Dow Jones Industrial Average rose 570 points, or 1.7%, to 35,146 and the Nasdaq rose 0.4%.
Bond yields rose, which benefits banks that rely on higher yields to charge more lucrative interest on loans. The yield on the 10-year Treasury rose to 1.38% from 1.33% late Friday. JPMorgan Chase rose 1.6%.
Airlines and a wide range of travel-related companies made solid gains. Delta Air Lines jumped 5.8% and Expedia Group rose 4.8%. The travel industry has been under pressure over concerns about the latest coronavirus variant and the potential for it to crimp economic activity in the midst of the busy holiday season.
U.S. crude oil prices rose 2.5% and helped send energy stocks higher. Exxon Mobil rose 1.3%.
The potential impact from the omicron variant of the COVID-19 virus is still unknown, though Wall Street was encouraged to see that Dr. Anthony Fauci, the White House's chief medical adviser, said early indications suggested that it may be less dangerous than the delta variant.
The broader market is coming off of a choppy week of trading as investors gauged the threat from COVID-19, along with a mixed batch of job market data and lingering inflation concerns. Investors will get more economic data this week that could help give them a clearer picture of the economy.
The Labor Department will release its job openings and labor turnover survey for October on Wednesday, along with its weekly unemployment benefits report on Thursday. Wall Street will get another update on inflation when the Labor Department releases the Consumer Price Index for November on Friday.
A mix of corporate news helped send several stocks higher. Del Taco Restaurants surged 65% on news it is being bought by Jack in the Box.