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Wall Street Snds Sharply Higher

This was powered by earnings momentum

Wall Street rallied on Monday, kicking off what promises to be a hectic week that includes a heavy earnings docket, economic data and the Federal Reserve's two-day monetary policy meeting.

All three major U.S. stock indexes closed up more than 1 percent, bouncing back from the previous week's sell-off. Interest rate sensitive mega-cap stocks, led by Microsoft Corp., and Apple provided the most upside muscle.

"Today is an earnings rebound," said Oliver Pursche, senior vice president at Wealthspire Advisors, in New York. "The market got oversold, and the reality is that earnings have been pretty good, the U.S. economy continues to chug along and is likely to do so in the fourth quarter and into the first part of next year."

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