Bank stocks benefited from a broad rally Monday as the volatile market swung strongly into positive territory. The Dow Jones industrial average rose 149.85 points, to 7945.35, a 1.9% rise. The Standard & Poor's bank index rose 2.6%.
Such daily swings are a hallmark of the recent market. As hair-raising as they may be, Stephen Shobin, technical analyst at Lehman Brothers, said they suggest the market has reached its nadir, at least for the time being. "Typically at the top markets are less volatile and when they're at the bottom they move all over the place," he said.