(MENAFN) U.S. markets bounced back sharply on Monday, reversing course from last week's heavy losses as major indexes closed significantly higher, led by strong gains in the technology sector.

The Dow Jones Industrial Average surged 587.98 points, or 1.29%, to close at 46,067.58. The S&P 500 advanced 102.21 points, or 1.56%, ending the session at 6,654.72. The Nasdaq Composite led the charge, jumping 490.18 points, or 2.21%, to 22,694.61.

Of the S&P 500’s 11 sectors, nine finished in positive territory. Technology stocks outperformed, rising 2.47%, while consumer discretionary shares followed with a 2.29% gain. On the downside, consumer staples and health sectors slipped 0.36% and 0.09%, respectively.

In corporate developments, Oracle rallied 5.14%, while semiconductor firms AMD and Nvidia rose nearly 1% and 3%, respectively. Broadcom soared 9.88% after confirming a formal collaboration with OpenAI early Monday.

Despite the market’s strong rebound, sentiment remains fragile as investors keep a close eye on Washington. A federal government shutdown continues into a second week, and a critical payroll deadline looms on Oct. 15.

Earnings season also kicks off this week, with key reports expected from major U.S. banks including Citigroup, Wells Fargo, JPMorgan Chase, Bank of America, and Morgan Stanley.

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