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Stocks bounced on Monday as investors after eight straight losing weeks for the Dow Jones Industrial Average.

The blue-chip index surged 636 points, or 2%. The S&P 500 gained 1.8%, cutting its losses after falling into bear market territory on Friday, dropping more than 20% from its record. The Nasdaq Composite climbed 1.5%.

The investment strategy analyst at Baird Ross Mayfield said that only time will tell how long they’ll hold these levels.

“This impulse has failed multiple times over the past several weeks,” he told CNBC. “The bar is higher now for sustained positive performance given all of the well-known headwinds” — like slowing growth, elevated valuations, rising rates and recession fears. “Sentiment continues to be a market asset, though some indicators are not showing the extreme level of capitulation often found at market bottoms.”

Thanks to hiking interest rates giving its lending business a boost, JPMorgan soared 7% after the bank said it expects to reach key return targets sooner than planned. Citi and Bank of America also surged 7%, while Wells Fargo added more than 6%.

Oppenheimer’s chief investment strategist, John Stoltzfus, notes that nasty sell-offs aren’t uncommon in times of Federal Reserve tightening, and that the market appears “way over sold” with big declines hitting even stocks with strong cash flow and profitability.

“We remain positive on equities favoring cyclicals over defensives and profitable technology companies whose services and products are deeply embedded in the lives of both business and the consumer,” he said in a note Monday. “We look for the economy and the markets... to ‘work their way out of the woods’ from a period of high anxiety and crisis.”

“Investors are trying to come to grips with what exactly is happening and always try to guess what the outcome is,” said Susan Schmidt of Aviva Investors. Investors and the market hate uncertainty “and this is a period where they don’t have any clear indication on what’s going to happen with this push-pull between inflation and the economy.”