Stocks soared Monday to begin the new month and quarter as Treasury yields eased from levels not seen in nearly a decade.

The Dow Jones Industrial Average added 840 points, or 2.9%. The S&P 500 surged 2.9% after plummeting Friday to its lowest level since November 2020, and the Nasdaq Composite climbed 2.5%.

The moves came as the yield on the 10-year U.S. Treasury note rolled over to trade at around 3.659%, after blasting above 4% at one point last week.

“It’s pretty simple at this point, 10-year Treasury yield goes up, and equities likely remain under pressure,” Raymond James’ Tavis McCourt said. “It comes down, and equities rally.”

Wall Street has endured a dramatic month, with the Dow and S&P 500 making their most considerable monthly losses since March 2020. The Dow on Friday also closed below 29,000 for the first time since November 2020.

The Dow lost 8.8% in September, while the S&P 500 and Nasdaq Composite shed 9.3% and 10.5%, respectively.

For the quarter, the Dow plunged 6.66% to notch a three-quarter losing streak for the first time since the third quarter of 2015. Both the S&P and Nasdaq Composite lost 5.28% and 4.11%, respectively, to finish their third consecutive negative quarter for the first time since 2009.

As the new quarter kicks off, all S&P 500 sectors sit at least 12% off their 52-week highs. Nine sectors finished the quarter in negative territory.

In the fourth quarter, increased inflation and Federal Reserve actions to curb soaring prices while ignoring the impact on the economy will likely continue to weigh on markets, said Truist’s Keith Lerner. He added that oversold conditions also make the market vulnerable to a sharp short-term bounce on good news.

“I think we could be set up for some type of reprieve but the underlying trend at this point is still a downward trend and choppy waters to continue,” Lerner said.