STORY: A strong rally for U.S. stocks on Monday in an optimistic start to the fourth quarter, as investors snapped up shares after a brutal month of September.
The Dow Jones Industrial Average and the S&P 500 indices both rose more than two-and-a-half percent.
The Nasdaq climbed almost two-and-a-quarter percent.
Among the day's winners, oil majors such as Exxon Mobil and Chevron, both up more than five percent on a nearly $4-jump in the price of crude oil, fueled by reports that OPEC+ is considering tightening global crude output by more than one million barrels per day ahead of a Wednesday meeting.
But the rally was about more than just energy. Tech giants such as Apple and Microsoft climbed more than three-and-a-half percent, and bank stocks rose more than three percent.
Monday's buying comes after heavy losses in the third quarter for equities, against a backdrop of rising interest rates, alarming inflation and slowing economic growth.
Sam Stovall is the chief investment strategist for CFRA Research:
"September is the worst month of the year, and the third quarter is the worst quarter of the year, in many ways because of the window dressing that mutual funds have to go through. In a sense they want to get rid of the stocks that they really wish they had not owned, but let's do so before we have to report them to our shareholders. But then investors like to get back into equities early in the fourth quarter, and possibly that's what we're seeing right now is money being put back to work, especially after such a weak month and quarter."
One notable loser on Monday: Tesla.
The luxury electric car-maker saw shares slide 7.5% after it sold fewer-than-expected vehicles in the third quarter due to logistic hurdles.