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Markets Right Now: Stocks surge as banks make big gains

U.S. stocks are jumping Monday morning as investors grow more optimistic that Britain will remain in the European Union, and banks are rising on the prospect of higher interest rates.

Investors worry the world economy will suffer if Britain leaves the EU, but based on recent polls, they are a bit more optimistic that won’t happen.

Bank of America added 3 percent and JPMorgan Chase gained 2.3 percent as bond prices dropped. The yield on the 10-year Treasury note rose to 1.67 percent.

Machinery and industrial stocks also rose.

The Dow Jones industrial average surged 250 points, or 1.4 percent, to 17,925. The Standard & Poor’s 500 index rose 27 points, or 1.3 percent, to 2,098. The Nasdaq composite picked up 66 points, or 1.4 percent, to 4,866.

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