NEW YORK — U.S. stocks bounced back from recent losses Monday after the Chinese government said that country’s economy grew at a slightly faster pace in the first quarter. Banks jumped as interest rates recovered.
After losses in three of the last four weeks, stocks had their best day in more than a month. The largest gains went to industries that would benefit the most from faster global economic growth.
Among banks, the leaders included M&T Bank, which became the latest financial company to report strong first-quarter results. Technology companies were led by chipmaker Nvidia and Google parent company Alphabet, while online retail giant Amazon and streaming video company Netflix also made large gains.
“It was good news to see a positive number coming out of the world’s second-largest economy,” said Quincy Krosby, market strategist at Prudential Financial. “It was the strongest GDP reading in six quarters, and much of it was based on their infrastructure spending and also the housing market.”