Equities resumed their rebound last week, climbing to the highest level since early March as investors focused on a gradual reopening of the U.S. economy and Federal Reserve policymakers indicated they remain ready to step in with more support if needed.

The S&P 500 index rose 3.2 percent. The Dow Jones industrial average increased 3.3 percent to 24,465, propped up by double-digit percentage gains in Boeing and Raytheon. The tech-heavy Nasdaq advanced 3.4 percent, leaving it 5 percent below its all-time high.

Trading continued to be volatile as fresh turmoil in Hong Kong and signs that President Trump will make his tough stance on China a key part of his reelection bid threatened to squelch a rally that has taken the S&P 500 up about 30 percent from its low in March.

Industrial stocks were the best performers in the S&P 500, notching a 7.2 percent increase for their best week since early April. United Airlines, Southwest Airlines, Alaska Air Group and Delta Air Lines led the advance, each rallying at least 18 percent.

U.S. markets are closed Monday for Memorial Day. The U.S. Treasury will sell 13- and 26-week bills and two-year notes on Tuesday; two-year floating-rate notes and five-year notes Wednesday; and four- and eight-week bills and seven-year notes Thursday.

— Bloomberg News