Stocks rose from three days of losses on Monday, led by banks after news of more favorable capital requirements and optimism over Greece's austerity plan, but investors cautioned against high hopes.
Monday's gains were a welcome sign of strength but investors were cautious about reading too much into the move. The S&P 500 has fallen as much as 7 percent since April and Monday's volume was lower than average.
"We don't see this being the start of a major rally," said Tim Ghriskey, chief investment officer of Solaris Asset Management in Bedford Hills, New York. "But this is welcome strength in the market and hopefully a welcome short-term bottom."
Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 12,043.56 |
|---|---|
| Trade Time: | 4:01PM EDT |
| Change: |  108.98 (0.91%) |
| Prev Close: | 11,934.58 |
|---|---|
| Open: | 11,934.66 |
| Day's Range: | 11,934.05 -12,098.81 |
| 52wk Range: | 9,596.04 -12,928.50 |
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