Dow Jones gained more than 550 points, S&P 500 jumped 2.65%|Carlos Deglado|CC BY SA 3.0

Key earnings report Monday brought some relief to the market as stocks rose sharply. Dow Jones gained more than 550 points, S&P 500 jumped 2.65% to 3,677.95.

Featuring its best performance since July, the tech-heavy Nasdaq surged 3.43%, easing investors’ fears.

Bank of America and Bank of New York Mellon’s better-than-expected results sent the stocks up 6% and 5%, respectively. Monday’s boost can also be attributed to the United Kingdom’s new finance minister, Jeremy Hunt’s decision to scrap almost all planned tax cuts.