US stocks climbed as banking stocks gained ground following the weekend agreement to purchase Silicon Valley Bank’s deposits and assets.

The S&P 500 was up 0.6%, the NASDAQ Composite was up 0.5%, and the Dow Jones Industrial Average was up 275 points, or 0.8%, at 9:54 ET (13:54 GMT).

First Citizens BancShares Inc (NASDAQ:FCNCA), from Raleigh, N.C., is buying pieces of the failed Silicon Valley Bank weeks after its failure sparked bigger fears about possible contagion in the banking system. Shares of First Citizens jumped 43% on Monday.

Another regional bank that has experienced pressure, First Republic Bank (NYSE:FRC), increased by 23%. Other banks, like JPMorgan, also increased. Shares of Wells Fargo & Company (NYSE:WFC) and JPMorgan Chase & Co. (NYSE:JPM) are both up more than 3%.

Futures traders disagree on the direction the Federal Reserve should take next. As the Fed continues to fight inflation, the strain on the banking sector, which could translate into tighter lending conditions, could impact the whole economy.

When the Fed meets again in May, it will have to decide whether to raise interest rates at all and, if so, how much. As of this morning, more than half of futures traders are banking on a pause in rate hikes at the upcoming meeting. Despite this, the Fed this week indicated that there would be another rate walk this year.

This week’s economic statistics include the final reading of the fourth quarter’s gross domestic product growth, consumer confidence measures, and an inflation report that will aid the Fed’s decision in May.

The pharmaceutical company Novartis AG (SIX:NOVN) saw a 7% increase after reporting positive results from a test of its breast cancer medication Kisqali. In the meantime, BioNTech SE (NASDAQ:BNTX), which collaborated with Pfizer (NYSE:PFE) on a COVID vaccination, was down 3.7% after it stated it anticipates revenue to decline more than anticipated due to waning demand for that vaccine.

Oil was increasing. Brent Oil Futures increased 1.6% to $75.78 per barrel while Crude Oil WTI Futures increased 1.7% to $70.52 per barrel. To $1,966, gold futures were down 1.7%.