The S&P 500 settled higher on Monday after UBS AG UBS stepped into buying Credit Suisse Group Inc CS for $3.2 billion.
US-listed shares of Credit Suisse jumped 53%, while UBS Group shares added over 3% on Monday.
The S&P Banking index gained 0.6%, while the KBW Regional Banking index climbed 1.5% on Monday after recording big losses last week.
The Federal Reserve is scheduled to conclude a two-day policy meeting on Wednesday, with markets expecting a 25 basis-point increase.
All the major sectors on the S&P 500 closed on a positive note, with energy and materials stocks recording the biggest gains on Monday.
The Nasdaq 100 gained 0.34% to close at 12,562.61 on Monday, amid gains in shares of Tesla Inc TSLA and Apple Inc AAPL.
The S&P 500 gained 0.89%, while the Dow Jones added 1.20% to 32,244.58 in the previous session.
The Chicago Board Options Exchange's CBOE Volatility Index (VIX) dropped 7.1% to 23.71 points.
What is CBOE Volatility Index?
The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market's expectation of volatility based on S&P 500 index call and put options.
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