Stocks surge on Wall Street

Stocks closed sharply higher on Wall Street, marking the latest about-face for a market that has been unsteadily lurching between gains and losses in recent weeks.

The S&P 500 jumped 2.6% Monday, more than recovering the ground it lost in a sell-off on Friday. The Dow added 1.9% and the Nasdaq climbed 3.4%.Bank of America rallied after reporting earnings that beat forecasts.

U.K. government bonds rallied following news that the country's new Treasury chief was abandoning nearly all of a series of unfunded tax cuts that had upset markets.