Stocks rose sharply on Monday, with the S&P 500 finding support at a critical technical level and another major bank reporting solid results. A reversal of the UK's massive fiscal stimulus also boosted trader sentiment.

The rally was so broad that at one point, over 99% of the companies in the US equity benchmark were up, pushing the gauge away from its 200-week moving average. The tech-heavy Nasdaq 100 outperformed, gaining the most since July.

Earnings have historically served as a remedy for ailing equities, lifting the S&P 500 roughly 76% of the time since 2013. Profit estimates have been slashed by more than two-thirds in four months, the most since the first quarter of 2020, making the hurdles easy to overcome.