U.S. stocks rally despite lingering worries over banking sector

NEW YORK, March 20 (Xinhua) -- U.S. stocks rose on Monday as investors eyed updates concerning the banking sector.

The Dow Jones Industrial Average climbed 382.6 points, or 1.2 percent, to 32,244.58. The S&P 500 added 34.93 points, or 0.89 percent, to 3,951.57. The Nasdaq Composite Index increased 45.03 points, or 0.39 percent, to 11,675.54.

All the 11 primary S&P 500 sectors ended in green, with energy and materials up 2.11 percent and 2.01 percent, respectively, leading the advance.

The rally came as the appetite for risk increased after Swiss banking giant UBS agreed to acquire the beleaguered Credit Suisse.

Shares of U.S. regional lender First Republic Bank tumbled more than 47 percent to a new low on Monday after S&P Global lowered its credit rating for the second time in a week.

Traders also weighed the Federal Reserve's rate path as the U.S. central bank is set meet on Tuesday and Wednesday.

For the trading week ending Friday, the Dow fell 0.1 percent, the S&P 500 gained 1.4 percent and the Nasdaq climbed 4.4 percent.

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