US STOCKS-Wall Street jumps as tech, bank shares gain

* Banks among biggest sectoral boosts on S&P 500
* China industrial profits rise for fourth straight month
* Devon Energy, WPX Energy jump after agreeing to merger
deal
* Indexes up: Dow 1.76%, S&P 1.55%, Nasdaq 1.39%

(Adds comment; updates prices)
By Devik Jain and Shreyashi Sanyal
Sept 28 (Reuters) - U.S. stocks jumped on Monday, bouncing
back from the longest weekly losing streak in a year for the S&P
500 and the Dow, with technology, banks and travel shares
leading the advance.
All the 11 major S&P 500 sectors were up in early trading.
The S&P 500 financials index .SPSY jumped 2.6% and was on
track for its best day in two and a half months.
Shares of technology-related stocks, which bore the brunt of
a sell-off earlier this month, were higher, with Facebook Inc
FB.O , Alphabet Inc GOOGL.O , Amazon.com Inc AMZN.O , Apple
Inc AAPL.O and Netflix Inc NFLX.O adding about 1% each.
John Traynor, chief investment officer at People's United
Advisors, said the broad-based rally was a positive for risk
sentiment as "what it tells you is that confidence is increasing
that the economy is going to rebound."
Travel-related shares, including Delta Air Lines DAL.N ,
United Airlines UAL.O and American Airlines Group Inc AAL.O ,
rose between 4.7% and 5.0%.
American Airlines Group Inc AAL.O said on Friday it
secured a $5.5 billion Treasury loan and could tap up to $2
billion more in October. Worries over rising coronavirus cases and waning hopes of
more fiscal stimulus have led to a spike in market volatility in
the past few weeks, and analysts expect trading to remain choppy
in the run-up to the Nov. 3 presidential election.
"We don't see this as the beginning of another big leg up.
Between now and the election, you're going to see a lot of
turmoil," Traynor said.
Optimism spilled over from Asian markets after data over the
weekend showed profit at China's industrial firms rose for a
fourth straight month in August. "All of this data reminds investors that we're not headed
for a new bear market or a new recession," said Sam Stovall,
chief investment strategist at CFRA in New York.
At 11:32 a.m. ET, the Dow Jones Industrial Average .DJI
was up 478.00 points, or 1.76%, at 27,651.96, the S&P 500 .SPX
was up 51.13 points, or 1.55%, at 3,349.59. The Nasdaq Composite
.IXIC was up 151.24 points, or 1.39%, at 11,064.80.
Boeing BA.N shares rose 6.6% after Federal Aviation
Administration Chief Steve Dickson said the agency was set to
conduct a 737 MAX evaluation flight this week, a key milestone
as the planemaker aims for approval to resume flight.
Devon Energy Corp DVN.N jumped 10% after the oil and gas
producer said it would buy peer WPX Energy Inc WPX.N for $2.56
billion. WPX Energy shares surged 14%.
Uber Technologies Inc UBER.N rose 4.9% after the
ride-hailing firm won a legal bid to restore its London
operating licence, which was taken away over safety concerns.
Advancing issues outnumbered decliners by a 6.55-to-1 ratio
on the NYSE and by a 3.23-to-1 ratio on the Nasdaq.
The S&P index recorded five new 52-week highs and no new
low, while the Nasdaq recorded 38 new highs and 13 new lows.